Follow up: I got an AMMCO portable hone, and used the 220 grit. Under the supervision of my 4-cycle engine guy (John Kurtzman of Kurtzman Racing Engines), did a very careful hone, getting rid of some depressed spots, and measured about 20 times, resulting in a 54.20R piston size, up from a 54.15.
Reused the old gaskets (since I accidentally ordered MY09 gaskets), and checked the squish – over 1mm, so plenty safe – and very carefully broke it in over a practice day. The engine rocks! My son took pole, and led every lap, winning for the day yesterday.
Now to learn how to do the bottom end.
Thanks again for the responses.
Samir.