Cylinder liner rust

I have been offered a 1981 vvc that I'm interested in restoring BUT!
The car was taken off the road due to head gasket failure, the head was removed a few years ago and the liners don't look great 😒 
Can I hone this or am I just kidding myself?

It would be sensible to factor in the cost of a good 2nd hand engine and see if it still adds up. No harm in trying to hone the bores first in case that works but ensure the price you pay for the car will still work in your favour in the event of having to call time on that engine.

How reaslistic is the seller likely to be and have the explained why on earth they just removed the head and left it like that without protecting the bores ?

Well if it were mine I would clamp the liners, give the bores a clean with wet & dry and oil then see if the motor will turn using the crank nut. But make sure you mark the pulley's and the block first, you've not got a lot to lose.
Good luck.

The corrosion that I can see might just hone out, but it's what cant be seen is where the problem will be, we cant see where the rings have been sitting against the bores, and that's where the worst corrosion will be, right where the rings will have trapped collected moisture against the bores. you won't know how bad, bad is until you disassemble the engine, so assume the worst case scenario and factor that into what you offer.

I would walk straight past it! By the time you've chucked enough money at it to make it reliable, you would in all probability find a good engined rot box for less, You would also end up with lots of collateral to sell or use to replace less good parts on your own car.
M