4.060^2/4*pi*3.48*8 = 360.42 cu. in. - 360
Advantages - the only substitute for cubic inches is rectangular dollars. Boring does several things. First, more cubic inches means more air fuel mixture, means more chemical energy available to convert to sensible energy. Second, assuming the heads are not changed and the piston deck height and valve notch/dome/dish volume are not changed, a larger "cylinder" gives a higher compression ratio for a given set of heads. Third, a larger bore unshrouds the valves slightly, giving better flow efficiency.
Disadvantages - beside the obvious, i.e. the cost for the pistons, boring, re-balancing. If the remaining cylinder wall is "too" thin, you can have overheating problems and ring sealing problems.