You'll want to hone enough to remove that rust, but not so much that you install too much clearance. Stay in the .0005" to .0010" range, and try for a 60 degree crosshatch, if installing new rings.
If you're boring to the next oversize, (and it is the .25mm first oversize or more), you'll pick up a bunch of HP: on new bores like that, start with .0008" to .0012" clearance.
The general "new bore" figure is .0008" clearance with heavy honing: the "cleanup hone" must stay small, or too much piston slap and blowby will occur at high RPM.