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what is Bill Jameson (a Ford engineer) doing to that block? 
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...'Align-Boring'*. May run out of the Spindle Stroke, may be 6" Max Stroke. He is Not Honing as this must be done with rapid strokes to achieve the 60/30 Degree 'Hash' Pattern, necessary to 'Hold' Oil 'IN' the Cylinder Wall for the Piston and Rings to 'Glide' Over.
MJ
* Aligned to the Crankshaft Axis...Centerline, with Zero Error.
Yes- or maybe overboring the valve lifter bosses so he can either sleeve a defective lifter hole, or run Chrysler flat tappets (0.904") vs stock 351-C at 0.875"). There are advantages to running larger OD lifters with radical cams but it's a finicky job 'cause you have 16 holes to do perfectly.
...Yes. Looks like the Mill IS lined-up with the Lifter Bores. And that would be Aligned with the Cam Axis. And if the Cylinders were being Aligned Bored, the Block would have been mounted on a Shaft Through all of the Main Bearing Saddles/Bores, and that Large Shaft would be mounted between Centers. Very Accurate.
MJ