So, I finally had an opportunity to try to get the stud out of my original jug and it was a success! Due to the fact that the original drill out of the stud was off-set and not centered, (frame in the way), it made it quite difficult to work on. With the Jug off the engine, I was able to use a Hinge-drill tool to keep the drill centered. I then drilled both holes slightly larger to accept an 8mm tap...turned out pretty good! So now, I have ordered new rings and need to hone the cylinder...it's a standard 80mm bore so I believe I need a Flex-Hone tool, Aluminum Oxide 3.25"...does this sound about right? Not sure what grit I should order...

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Luck & good management combined. You can do it.

Seems that I'm starting to circle the drain here! I ordered a new set of piston (std) rings from Partzilla, got them today and there's no reason to open the box...they're approximately 2" diameter! So, does anyone know where I might find a new set of standard rings for my 74 DT360?? I can't seem to find anything...

Partzilla doesn't show any rings for the DT360 as available and hasn't for years as far as I can remember.  So not sure what you ordered?  

Members Enduronut and DEET are worth a try.  

Ebay has a couple of sets for sale 445-11610-00

(The -00 suffix is important on this part)

Mark,
    Thank you very much for your response! I think what I did was when I was searching for the rings, a link popped up for Partzilla and I ordered them without actually searching on Partzilla. I was able to find the correct STD rings on Ebay, hopefully I can get this project moving again once I receive the rings. Thanks again for your help!

CMSNL in the Netherlands is always worth checking out for parts. They are currently showing all piston ring sets available, apart from 3rd oversize.

I had put Enduronut on speed dial lately…highly recommend him