However, would using a ridge reamer and stone hone tool be a terrible idea in this situation?
Far as I'm concerned, a ridge reamer is a terrible idea in ANY situation.
I've seen more blocks ruined with a ridge reamer that cuts too deeply, than "helped" with one.
When it was me, I used a dingle_berry brush instead of a "stone hone".
REALLY? DINGLE-BERRY "***********" IS CENSORED?
If I could get an honest 300hp
Possible. Good luck. You'll need computer tuning.
So, if I could ream the ridge,
I wouldn't.
Measure the bore. Determine the taper. Service limit according to the service manual is .001. My block had ~.0015, and it's going fine. .002 wouldn't worry me too much. Anyting beyond that is a crapshoot. Decades ago, .007 was considered the ABSOLUTE LIMIT for a grandma-goes-to-church engine that had to start and run, and the full-service gas station checked the oil at every fill-up. Far as I'm concerned, half that is too damn much.
FIND OUT what the compression height of the pistons is. First Guess: At least .010 too short, maybe .020 too short. That means you're buying (much) thinner head gaskets, or cutting the block decks excessively.
and some vortec heads and intake run it 2-3 years that would be awesome.
You're making EGR very difficult, you'll be fabricating brackets and supports, and you're going to need significant computer tuning.