I believe you can still get .080 over pistons but if you have deep rust in your cylinders it may not make that. There are still a lot of good 292 blocks to be found, if I were you I'd look for one of those and take your 312 cranks mains down to 2.498" to fit it. Better setup all around in my opinion.
God Bless.
Tim http://yblockguy.com/
350ci Y-Block FED "Elwood", 301ci Y-Block Unibody LSR "Jake", 312ci Y-Block '58 F-100, 338ci Y-Block powered Model A Tudor
tim@yblockguy.com Visalia, California Just west of the Sequoias