Be careful trying to put a ringed piston in a sleeve designed for a lapped piston. If the sleeve does not have "bridges" across the intake and exhaust ports, the ring will catch and break causing major damage. (I know....!)
These engines turn above 10,000 rpm and balancing is pretty good from the factory. I have seen engines turning over 30,000 in speed model airplanes and cars and the builders go to fantastic efforts to reduce the vibrations. In Europe there are some model cars with .09 CI engines that turn close to 40,000 rpm. They use in some cases, lapped aluminum pistons and chrome plated brass sleeves with tungsten inserts in the crankshaft counterweights to balance the engine. These engines use caster oil and synthetic oil because of the high temperatures they must endure. Caster oil holds up better at high temperatures and helps carry away the heat out the exhaust.
My hobby is taking old (50-70 year old) model engines and rebuilding them to get them to run or for show for collectors. I have over 800 engines in stock and supply parts for a lot of old engines. I am asked many times to put a ringed piston in a old lapped engine. DOES NOT WORK. Making engines run at these speeds take careful design and fitting.
For example, Cox made over 75 million engines before they went out of business. Their little .049 Babe Bee sold for $3.95 in the 50's and had tolerances of .000010" on the cylinder and sleeve. Larger engines have lower tolerances but are still tighter than most hobbyist can make. Technique is crucial.
I am a member of MECA ( Model Engine Collectors Association ) that has a web site at
http://www.modelenginecollectors.org/ for those who are interested. If any one is interested, I have a talk I gave at the national meeting in Muncie on how I rebuild and old engine. I am going to put it up on my blog but it is way down my list of things to do.