My advice would be to ask a reputable machine shop about it. The problem doing this is the way the blocks are cast, the bottom of the cylinder on a 301 & 321 (not sure in the 241, but suspect it is the same) is very thin, it kind of provides downward toward the crank and gets very thin walled. Boring it to the next size might make it weak and ultimately destroy the block. A good machinist can look at it and advise you on whether or not that this is doable or not.
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Jeff
Brookfield, MO
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IH Red 782 with weights and sleeve hitch!
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