[Kurt in NJ]

The lip you feel is from the top ring, it is normal to have it, what is done depends on how much there is, and what your expectations are.

Clean off the top of the pistons, look for some #s --something like .060, that can tell you the oversize of the pistons

the first engine i did all by myself was a flathead in a 46, it had a "ridge"--the lip you talk about, I used a tool called a "ridge reamer" to remove it, my block was bored .060, I just put rings in it, i didn't have anything to measure the bearings, but they didn't look bad to me, I reused them, i did do a valve job, I was in high school, but not auto shop, and the auto shop teacher didn't like me --the metal shop teacher did like me, he snuck the seat grinder box out and i cut the seats in metal shop --during teachers lunch-the valve grinder was broken, i made my own out of a knife sharpener that was part of a can opener and a valve guide, I did buy adjustable lifters.

When it was done it ran great, but didn't have much hot idle oil pressure (gauge would read 0)---i drove it for years that way, barely used any oil, and survived much abuse.

If you post a lot of pictures you can get help every step of the way here.