Engine Clanking -WTF!!!

[Halon]

I'd like to get some honest advice here. If they cylinder walls aren't horrible, is this something I could simply rehone, and reinstall new parts into there? Or is this a must that the block be removed, remachined, the whole works?

Steve or anyone on here who is somewhat experienced with this, please help me out as I just paid a nice chunk of money to get this thing built maybe 1 1/2 years ago, the right way, from a shop, who did a great job, and now I'm looking at having to drop a huge chunk of money to get it done all over again because of what appears to be a freak accident that wrecked all this. If there are any ways to redo this nicely, but not having to go through the whole 9 yards, I am all ears.

I remember Scheides (I think it was Scheides) putting up a post awhile back about people rebuilding their motors by just rehoning them. Obviouslly they weren't motors that look like what mine looks like now. But if the walls really aren't that bad, could this be an option?