I'm with Ed on this one, I've never seen a tall deck block that started out it's life as a 454, as far as i know they were all 427's and the others were 366's. I've bored them .125 over but that's on selected blks and sonic testing and moving the bore to the c/l of the thickest part of the hole.
But to be honest i would not build an engine for high performance with a sleeve in it either a dry or wet sleeve. I would look for another blk. Theres thousands of them out there in old school buses and old trucks. It's no problem to clear the blk for a 4.5 stroke, but i hate sleeves unless they are in an alum blk. which is made for them.
JMO
Zip.