That cylinder came stock with Nikasil plating, not a steel sleeve, so if it is still stock, then welding and replating will be the better option to repair it. If it has been sleeved, then having it replaced will be necessary. You may also be able to finda used cylinder for cheap if you look around online parts sites, and auction sites.
As to the piston, Wiseco pistons are forged, and are actually much tougher than cast stock pistons, but they expand slightly more than do cast pistons, so they need to be warmed up thoroughly before being run hard. Use what you like, but anything properly cared for and installed to correct tolerances for that piston will last, provided there are no other issues present.