[Bruce Edwards]

Align honing the crank bore is only need if the bore is out of round or off center due to abuse of the block. Easy check is to set the crank torque the caps in place with out the rear seal and give it a spin. It should spin freely with no drag in any spots. I just use two fingers and give it a push. If it goes around a time or two and never stops in the same place it is more than likely ok. You can also turn it very slowly by hand and feel for a spot that hangs or sticks. If you find one hone it! You need to do this after the crank has been redone and checked for straightness. Just send in the crank to have it redone and hang on the block till you get it back.
It is a good idea to use plates when you finish hone the block. They will pull the block to the same shape as it will be with the heads bolted on. If your machinist is worth his salt he will ask you for a set of the same head gaskets you are going to use on the engine for the plates. So you will need two sets of head gaskets to do it the "Right" way. Also if you are going to stud it you should have the studs installed you are going to use for the engine again for the same reason.
If you are building a mild street engine don't waste your money. The small amount of change you will never see and you can use the extra money on something else that you will see a difference in like better tires or brakes.
My two cents.