Hi, perfect timing for this question. I was going to post the exact same thing!
I am currently building a Quorn and having bored out the LH and RH casting, the front bar calls for a "sliding fit" between these cast iron holes and the front steel bars. I did some research and it does seem that "Timesaver" seemed to be the right stuff.
I need to take off the last thou (ish) to get this desired fit.
It looks expensive though but I am told little goes a long way. It does seem that the compound does break down completely. Do not under any circumstances use emery or grinding paste as this will embed into the cast iron and the cast iron bore now becomes an external lap!
I also considered one of those 3 legged brake cylinder hone.
Going to try and use medium and fine as suggested. My local stockist has it in kits – comes in 4 grade, coarse medium, fine and extra fine.
Regards
Derek