Several thing are against you.
1- The cylinder will wear more at the top than
the bottom. In this Cub cylinder the end gap is
.013 at the bottom and .025 at the top. If the
end gap of a new ring is .003, in this example
it will be .015 at the top. While this may not
have a noticeable effect an a larger motor it
becomes more of an issue as the bore size
decreases.
2- The cylinder is also likely out of round some.
A new, perfectly round ring, in a not so round
cylinder also will result in some compression
loss. A light honing wont correct this.
3- Because the cylinder is worn the piston is
loose in the bore. It can tend to rock at
ignition causing the rings to be cocked instead
of square on the cylinder wall. Honing the
cylinder only aggravates this issue as it
results in the piston becoming even looser.
4- Experience – Video.
There is more but for $11.00 its worth a try IMO.
Tubs.
https://youtu.be/qJ9VhC7mnEo
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.