Did someone mention honing? This should get interesting real quick.
Lots of good advice here. As far as the honing goes, I pondered this for quite a while and ended up just using a scotch brite pad to thoroughly clean off the film from my cylinder (go with the direction of the cross-hatching). I was fortunate that I could still see quite a bit of the cross-hatching, so didn't see the point in physically honing the cylinder. If you can't see the cross-hatching it's time for honing. The best advice I can give for cleaning the cylinder is to use some oven cleaner. Don't leave the cleaner on too long though b/c it will corrode aluminum. Oh yeah, when you think the cylinder is clean, clean it again.
2-3 hrs is a good approximation of the time it will take you. Most of the time is spent cleaning the cylinder and removing any old gasket pieces.
Tip of the day : place a clean shop rag over the motor when removing or installing piston circlips!