Well, I also collect old tractors and there are a lot of guys that say they have run cylinder walls, worse than that. They even claim that they don't have much/any blow by. But, I wouldn't do it, myself. Honing will take at least .002 out, in that area, just to look half way decent. That opens ring gap by .006 or more, when it crosses that area.
I think it begs to have all 8 cyl at 4.060. It will be very expensive to to it with forged pistons but, very rewarding, too. I would just call it a refresh of the engine.
You'll want a CH of 1.88 (0.000 deck) if, it hasn't been decked. Most OEM style pistons for the 352, are 1.825.
Edit:
I forgot about the LeMans rods. It should be 1.932, instead of 1.880.
I just thought of another option:
Have it honed a additional .005, knurl the piston to fit and see if you can find a .005 over, "file fit" ring for that bore.