Thank you very much for such kind comments everyone.
When it came to the engine, I had no records of it being opened up, and there were no clues suggesting it had. So, I started the disassembly, not sure what I would find. It turned out things were pretty good. The cylinder walls were smooth with no scoring or other marks. The crankshaft journals looked good to the eye. The valve train looked fine, all the seats looked good and, aside from the normal carbon, there was nothing strange looking on the cylinder heads or piston tops.
I initially took the pistons, rods, cam, crank, block and head to a specialist machine shop for checking and normal work (e.g., crank was polished, rods were resized and all wear dimensions were checked accurately with equipment superior to what I had.)
New valve guides were installed in conjunction with a stock valve grind.
Everything did measure within the allowable range, but one thing I did notice was that, although perfectly clean and smooth, I could detect the slight undulation from wear when running my finger from top to bottom of each bore. It was not visible, but I could feel it. However, there was no discernible wear ridge at the top, just a coloration difference showing where the travel of the upper piston ring stopped.
At this stage, I decided to reassemble the motor with new bearings, rings, etc., but with the original pistons and bores. This was in 2008.
I got the motor mostly built up, but there were two thoughts living rent-free in my head:
1) That small amount of wear I could feel on the cylinders (it was a nearly 160K mile engine after all)
2) The (very) mixed opinions on how successful re-ringing Alusil cylinders is in terms of ring seating and subsequent compression and oil consumption.
In the meantime, the 911 project came into my life, and for that car, I used brand new Mahle pistons and cylinders, so I was starting to re-think things.
After consulting with Ernie Jakubowski at Mantis Racing (a well-known 944 expert in these parts), I decided to take apart the motor again and have the block machined 0.5 mm oversize and put new Wössner pistons in. Mantis Racing did a lot of 944 and 928 work and had all the correct Sunnen equipment. This time the block needed to be more fully stripped (the head studs and dowels had to come out). So in early 2015 the disassembled block went to Mantis where it was bored for the pistons (which I purchased through Mantis) and the block was also decked.
It's all pretty confusing, but I will just concentrate on the second time I built up the engine.
I’m still not sure if this was the best approach, but I am here now.
Anyway, this is some of the original parts after cleaning and machine work:

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This is the block how it originally was, just cleaned:

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