It seems like if you can get the taper removed, a .010 oversized piston and rings would do it. If necessary, a rebore of .020 oversize would clean it up.
Piston clearance of 0.005 on the diameter is what they recommend for Model T's. It may depend on the metal in the piston. Rings are fitted with a gap at the ends, to allow for thermal expansion. Should be no need to resleeve.
In most engineering, the hole is basic. Clearance is built into the piston.
Modern piston rings would be much improved over the old style iron rings. For parade purposes, you may not need to do anything.