If the bore looks good and measures within spec it should not need to be honed. Anytime a cylinder is honed some material is removed from the bore, making the piston to cylinder wall clearance a little looser. If your air filter does it's job and you run a lot of oil in the fuel it is not uncommon to be able to replace the piston many times without boring the cylinder. If you hone the cylinder each time you replace the piston you will have to bore it more frequently.
Pistons need to be replaced frequently to keep the clearances tight. Keeping the clearances tight makes the bore last much longer and the engine will produce more power. Some of the seasoned racers understand this but the average guys lets the clearances get too loose and damages the bore requiring boring the cylinder to the next oversize each time the piston is replaced.
Thanks for the reply, I appreciate the information. I bought this cylinder new from Duncan in 1996, and then they rebulit the whole motor a few years ago. I need to do a better job of keeping track of the hours on this rebuild. I didn't realize that it was down on power until I had my 86 rebuilt and had something to compare it to. I don't know enough about it to decide whether or not to replace the piston without it needing honed or bored. I should have just sent it back to Loren to begin with.
I am also curious as to how often it is recommended to change the piston. It's not like I get to go out and ride for hours and hours. I only race, and even then I don't put a lot of hours on my motors.