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To bore and engine is very safe within reason usually out 60 is generally the max. Cost can run somewhere around $10 a bore if the block is bare, at least around here. The idea behind boring out a vehicle is to leave a finish that is even so the rings can seal correctly, minimal overbore is best if you plan on racing this motor so as it can be done possibly again, it is cheaper than buying a block in some cases. You will gain some hp but not much. If you are looking for power focus more on the intake, cam and heads, good luck hope this helps out some
I've been *told* that the most you can bore a Ford small block is to .030 before you get into the water jackets. Believe it or not, the speed density computer will allow for a overbore. Can't say whether or not you'll notice a difference in performance.
The main reason to limit boring smallblock Fords to .030 is that availability of pistons for anything greater is very limited. Another reason is that greater overbores often result in engines running a little hotter - especially thin-wall blocks (everything except Y-Blocks and FEs). The most common bore is .030 because it cleans up most cylinder wall imperfections without exact machine setup. Once bored out, a block is practically factory new.
HTH
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