You can check the pistons for wear, ensure the ring grooves are rite and that the skirt of the piston is not worn, i have re-used old pistons before but i did ensure they were not worn. I believe they are machined so there is a slight taper. The wear you talk about in the bore is normal but the ridge at the top will need to be removed. If you don't and install new rings they can strike the ridge and break under high rpm with stretch of the conrod or clearance of the rod bearings. This can be done with a ridge remover or if you don't have access to one an air die grinder will do the job. Use what they call over here Spiro bands. They are essentially rings of sand paper that are held in a rubber mount on the grinder. Use chalk to retard the cut and go slow, grind a bit and use your finger to feel for a ridge, repeat till its rite. Its not the best way to do it, but engine shops DO use this technique, i know a guy that did it as an apprentice.
As its rite on the wear limit and if you use new rings you should be pretty well rite. You could always ask a machine show how much it is to install sleeves? The ones for my Kubota were all of $20 each, but i did get the machine work done for free.
Even if you don't go for sleeves, it should still be fine. A new set of rings sure can help lift the compression.