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The smoking can be many things.
1st thing I would do (BEFORE YOU BUY IT!!) is pull all the plugs and see if they are oily. That tells you if just one cylinder is bad, 2, 3 or all four. The oil could be getting past the valve guides also. Check the PVC valve also and see if it is clogged.
Why does he think just one cylinder needs a hone? I'll bet all need rings and honing just for starters. Honing is the process after you check the cylinder roundness. If it is within spec then you don't need to bore it. Not in spec then they get bored & new oversize piston & rings and a hone job. The honing roughs up the cylinder ever so slightly so the rings in a short time make a perfect seal between cylinder & ring edge.
How many owners to this car?
Mileage?
What shape is the rest of it in?
If he couldn't afford to put a muffler on thats an indication to me it probably need all kinds of things besides motor work and the muffler.
If overall the rest of the car is pretty bad which for 400 it sounds like it is, I think your better off just buying a good solid Honda that you know the history of for around 15-2500.
That car just sounds like it will nickel & dime you the whole time you own it.
Can you post a picture of it inside and out?
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