If the iron sleeves are thick enough, you might not have enough capacity in the water jacket for proper cooling on a street driven vehicle.
One thing I always wondered is why don't the companies that make these sleeves make the outer part of the sleeve (the part that sits in the water jacket) like a heat sink? A heat sink is made to dissipate heat by adding surface area, right? Why can't the same concept be applied to iron cylinder sleeves on a Honda engine? Now, I know that sharp angles introduce stress risers so that if the heat sink is made with 90 degree cuts that could cause a crack to form, but might there be a way to machine the fins in without any sharp angles? Total surface area might suffer, but it still has to transfer more heat than no fins at all. Just an idea....