YOu can use an adjustable reamer in the lathe, and if used properly will give a precision sized hole with a lovely smooth finish.
Bore the hole nice and clean to just a few thou under the desired finish size, say 3 to 5 thou under.
Then adjust the reamer blades so the taper first part of the blades will go in the hole an inch or two but not all the way. Check the blades with a micrometer to make sure the tailstock end of the reamer is set slightly undersize.
Hold the reamer in the tailstock chuck, or by tap-wrench and tailstock centre.
Rotate the lathe chuck by hand, not under power, and guide the reamer in as it goes. A crank handle is handy for this. Or you can cheat and use the chuck key VERY CAREFULLY to rotate the chuck. But it might be better to instead lock the headstock spindle via the backgear and use the tap wrench on the end of the reamer to rotate the reamer while pushing it inwards with the tailstock centre.
Never rotate the chuck in the reverse direction. It messes up the reamer blade edges.
Keep feeding the reamer in until the parallel section of the blades, the last half or third or so passes right into the hole. (Therefore you need big enough space behind the job for the reamer to pass into, either large hollow spindle or spacing between job and chuck etc.)
Rotating the chuck in the same direction by hand, pull the reamer out.
Measure the hole size, and the blades on the reamer and adjust the reamer just a "nudge" to take a small cut then repeat the above process until your hole reaches the desired size.
If you have to go oversize to clean up the dodgy hole, do so and just make the piston oversized to suit the bore.
Edited By Hopper on 17/04/2016 11:57:38