Re: Bearing housing; does it have to be concentric & coaxial with other bearing housings, or does it just need to be round? And how round is round enough?
If it needs to align with others, and it/they are not, and/or it is not round enough (to size) then I'm going to hone or lap it inline with all of the others at the same time. If it/they are aligned well enough and are round enough for the purpose then move on to the next item that needs to be addressed. Why do work that gains you nothing?
It is certainly possible to lap rings too much and end up with rings that are over-size that will never grip a scope tube securely enough. When that is a possibility with no easy method to recover from it then the grit choice should err on being too fine. A too coarse grit just means that you can go over-size much faster than you thought.
In the case of the rings that I had to lap there were no separate bases to first true. In the case of the base that I lapped, it was pretty clear, before even getting as far as installing & checking ring alignment, that the base needed some work to fit to the action correctly.