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Lewis,
The best way to do this job would be with a cylinder boring bar as used by workshops that can bore motorcycle cylinders.
Other than that, if the rings can be held in a lathe chuck, then the lathe.
Thirdly a router can be used if you make an accurate wooden jig and are able to hold the rings very firmly.
Finally a cylinder honing tool could be used, but it would take a long while and possibly wear out the honing stones.
Good luck!
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