Sleeving a cylinder is common as the day is long. Sleeves come in every size, length, ID, OD, etc.
The proper way to do it is to bore down to about 3/8" of the bottom and leave a step there. You only need .001" to .003" press fit. Drive the new sleeve in. Cut the top off flush with the original surface, done deal.
The sleeve cannot move down because of the step. It cannot go up because it is against the head. This is called "trapping" the sleeve.
Wags
Also, tons of materials. 3/32 is a common thickness. Chromoly sleeves are usually thinner.