I don't seem to have specs on a D750..... I have a D722, D622 then it goes up from there.The lip you speak of at the top is called a ridge, you are rite, thats where the rings run up to. It will need to be removed or you risk breaking the new rings. It can be done with a die grinder and spiro bands. You don't need to buy a flex hone as they are rather expensive, you only need a fine cylinder hone, they are a few $$ just use a lube when doing it, even WD40 works. It prevents the stones from clogging up.
How many hours has this engine got on it? does the hour meter work? as i was sure you said it had real low hours.... The engine should have still been in good shape.....
You are welcome to it still, but the sizes will not match what you have, You can contact your kubota dealer and get info off them.