If you do a ton of machine work prior to mating the caps to the block, it can be honed rather than bored. But it requires some serious mill time, by far the easiest route is to have it align bored. The newer CNC boring machines are so accurate that you don't need to hone them after the boring is done (we had a RB440 Chrysler done like that, using steel Milodon caps).
We do quite a few Supra blocks this way, because the regular vertical machining center heads won't fit between the main caps on the 2J blocks. The smaller belt-driven heads will fit, but they're like $11,000. We'll live with doing it this way, lol.
You should be able to keep a standard bearing size, as the housing bore shouldn't change that much. Same goes with the timing chain. Companies make chain sets that are .005" (and sometimes more) shorter to take up the slack, but again, with CNC align boring, it may not be necessary.
88GT with the 5.slow