I can only speak for Mercs but the cylinder linings take a lot, Seen many marked linings come good with a honing stone tool in the old power drill and some honing oil. Depending on the condition of your piston i have also seen them cleaned up just like bought ones with a wire brush drill attachment.
That aside you need to know what has caused this issue ie water ingress through a crankshaft seal or elsewhere. When it comes to freshening up outboards the dough is in the labour. If the thing hasn't completely seized up or detonated it really doesn't take a lot pull it apart and freshen up.