Cylinder honing?

[36tudordeluxe]

Trying to correct a low compression problem on an engine with less than 400 miles on it. Have lapped the valves to the seats and would now like to hone the cylinders and replace the rings. Everything is removed from the block but the crank; it's not removed because the engine is on a test stand rather than an engine stand. Is it completely out of the question to hone with the crank in it?