Yes honing with a torque plate will eliminate the out-of-round areas. I hold to <.0002 out-of-round and taper when honing.
Are you honing with an actual honing fixture like this:
https://shop.snapon.com/product/supplemental/Engine-Cylinder-Hone/LIL15000
or just using a glaze breaker?
The next time you bore a V8 block, use the torque plates. If the block allows it, wrap the bottom of the cylinder sleeve with two or three evenly spaced short rubber tie downs to eliminate any harmonic distortion as the tool cuts. Take a final pass of no more than .002" with a very sharp tool and go slow. Then, use a cylinder hone like I referenced above. You're not trying to take out any substantial material with the hone. All you want to do is set up the cross hatch pattern and no more. You should be able to get the cylinder almost perfectly concentric.