Mike, first off current plasma sprayed moly rings are a very good ring package, I think this is a good choice.
Now for the rest of your question. #220 grit would not be good for these rings but I'd like to ask you a couple of questions.
Are you going to have the block "power honed". If you are using a Sunnen CV/CK type hone would use a EHU525 stone set that is a 220 grit or a 28-35 RA (roughness average) to rough in the cylinder. This is a very rough finish for a moly type ring and is what is used for cast iron or chrome rings. I would use a JHU625 to prep the bore if you think it is currently to the size you want it. This is a 280 grit (16-23 RA) and is ok for moly rings but....
I would finish the hone with a JHU820 (400 grit) stone after using the 625 to get the best finish for your job.
There are many other options for honing bores including a "plateau" hone but you really don't need it for what your doing.
Break-in type oils are only required (IMO) for cam (flat-tappet) break-in. Plasma rings need very little (if any) break-in and can be run underpower as soon as the engine reaches opperating temp. I do keep the engine speed to around 2,000 to 2,500 during this time.
First time out is your call, I'd run it a bit and pull over to check for any coolant or
oil leaks and make sure everything was ok and enjoy my ride.
Good Luck on your project
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