I don't think that will help. The coolant port is now too close to the piston crush seal judging by the pic.

 

OK I took it down to The Man - highly recommended local machine shop that specializes in engine work. Here's what he told me.. "I can't resurface it - there isn't enough material there. I could weld it, then do some local resurfacing, but it wouldn't be worth the cost. Honestly, it doesn't look that bad to me. The fire ring is intact, and if you put a new gasket in there and keep the coolant clean, you ought to be able to go many many years with it like that. If should be OK. If it were me, I'd just leave it alone and use it as-is".

 

Well,It's your money/labor. How long it will last only time will tell. That ring gets red hot. Coolant hits it and It's done.