When you take your block to the machine shop, they can measure the cyl's and tell you what the block will need to be bored (min) to correct the bores to get rid of imperfections and return them to proper shape.

Also, boring will add to top end HP (barely), but will not do hardly anything for bottom end torque. For torque increase, you would need to "stroke" the engine (longer throw on crank).

I would agree with glen in that .040 should be the max on a 22r block.