If it was working before, but just bypassing, it may just have air in the system.
If you replaced the piston, check it carefully against the original. It must be exactly the same length. Also check the depth of the rod hole, length of the spring.
The piston must return completely when released. Be sure it does return, as in the spring returns it, and the pedal rod lets it return when released.
The pressure cup (the first one in), the lip end goes in first, the flat side against the piston. Some use a metal expander that sits between the spring and the cup.
The second seal ring (the last one in), the lip side goes in first.
I like to bench bleed first. Fill it with fluid, hold your finger over the outlet, push the plunger in, using your finger as a check valve to let fluid out, but not let air in. Keep bleeding and watching the reservoir until no bubbles are coming up.
A side note, when you cleaned and honed, what did you wash it out with? If you used petroleum based solvent, it may have swelled the rubber cups. Use only non petroleum solvents, like spray carb cleaner, lacquer thinner, alcohol, etc. If it was cleaned with petroleum solvent, it will need to come apart, be cleaned, and new seals.
Did you try to find a new complete cylinder? There is a casting number, many lift truck parts suppliers online. You'd be surprised what's still available for some of the obscure lifts out there!
Cylinder Diagram