I agree with Mike . I have built many small blocks and have never had to hone a lifter bore. If its lubricated properly and will go up and down with the cam I would leave it alone, You're likely to do more harm than good. Did You look at that lifter to make sure it doesn't have a burr on it somewhere? If the motor is in the car or already put together I would not do any sanding without dissassemby and a through cleaning. Sanding particles can ruin a good engine.