The blocks vary and because of this, sonic testing would help to verify exactly what you have for cylinder wall thickness. Core shift within the blocks is the major deterrent to performing major over-bores which is why you need to sonic test the cylinders for thickness. By knowing where the core shifts are prior to boring, the cylinders can be offset bored based on the sonic test results.
I’ve come across a pair of Y’s that would make a 4” bore without sleeves and both of these were 272 blocks to begin with so that gives you an idea exactly how much cylinder wall were in those particular blocks. There are a couple of 312’s running around in this part of the country bored 0.125” over and running successfully. One of those I sonic tested after it had been run over 100K miles and was surprised actually how good the cylinder wall thickness was at that much overbore. That engine was rebuilt and is back on the road today. I’ve heard of other 312’s bored as far out as 3.938” but cannot make any comments on those.
Keep in mind that the run of the mill head gaskets for the Y only handle up to a 3.860” bore so anything larger than this will require a special 'big bore' head gasket. For this reason, I keep composition head gaskets for the Y on hand that will accommodate either the 3.937” bores or the 4.00” bores for those that push the bores out to the limit.

Lorena, Texas (South of Waco)