Hello,
I've never honed the cylinder of a Lawn-boy, but I have rebuilt the engine on a Sears Gamefisher (Tanaka) 3.5 air-cooled outboard. I used a brake cylinder hone and a hand drill. As stated, Youtube does show how to perform honing. The trick is to keep the drill speed slow and move in and out of the cylinder quite rapidly. You shouldn't perform this procedure for that long, maybe a minute or two. You are just deglazing the cylinder and introducing a cross hatch pattern of 30 to 40 or so degrees. Use WD-40 or motor oil as a cutting fluid. Don't stop the hone in the cylinder and remove it, keep the drill spinning as you withdraw it from the bore.
The Outboard ended up with a cold compression test of 103 PSI,,,I guess not too bad for such a small piston. Most weed whacker engines I have only pull about 80 PSI
Jeff