How big!!
You can go 4.06 maximum on those blocks. I personally don't recommend it if you're using it for racing. Also for a Turbo or Super charged application I'd stick with 4.02. If something happens to the block to where it's cut internally then you have some room to have the block bored. But at the end of the day the LQ4 blocks are relatively cheap.
4.03" will be a very very common size and you would be able to find off the shelf parts very easily.
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We've installed repair sleeves in 6.0 iron block, the OD of repair sleeve is 4.190"
that didn't break through into water jacket (boring cylinder to 4.190"). That would back up the .130" wall thickness at 4.080.
4.125" crankshaft
If I was to use a bore size of 4.080, i'd prefer it to be under 600hp
4.030" I normally see minimum thickness at .155"


