I've done a few honong jobs over the years and the article below basically describe what I followed. If you google search on honing cylinger walls you will find tons of advice and methods. Like everything only you can decide what is good enough. It is probably more important to make sure your ring gap is correct than getting a perfect crosshatch hone.
Pulled the following from this web site
http://www.type2.com/library/engineg/pcdec.htm
Honing
Actually, glaze breaking. Real hones are rigid and used as the final step after a rebore to bring the bore to a precise size and finish.
Support the cylinder somehow. Best would be fastening into the case before you clean the case, but you'll NEED to clean the case then. It's my belief that you don't want to make the cylinders very rough, but you need some roughness to cause the rings to wear in. So, use a glaze breaker hone of 180-320 grit, slather the walls with honing oil (mix solvent or kerosene and motor oilso it's pretty runny) fasten the glaze breaker into the slowest drill you can find and move the hone the hone top to bottom in the cylinder while running the drill. Remember you're not trying to take out a lot of metal, just giving it a new finish.
The ideal that all the books called for was a 30 degree crosshatch. 25 degrees or 50 degrees, I don't think the rings know the difference, but try for some crosshatch. Maybe if your drill isn't very slow you might try triggering it as you move the hone in and out--30 to 60 seconds in each hole is enough. To keep the stones wet, I put the oil in an oil can (pump oiler) and slather it continuously.
Wait, you're not done! Now you've got to get that cast iron grit out of the pores of the cylinder walls. Chevy books said soap and hot water were the answer and it's sure easier to put VW cylinders in the kitchen sink than Chevys, but I think that clean oil-wetted rags used to wipe them down will work too. When they don't come out grey, they're clean.
My wife loves when I heat up the Rollmaster lower timing gears in the oven 
