The torque plate is to simulate the distorsions in the block when the head is torqued to it. The bore is then cut with these stresses and distorsions so that when the head is put back and the motor alltogether, the bore is as close to a perfect cylinder as possible.
So it doesnt matter if you are going 0.5 or 1mm, if you want the truest circular bore on assembly use the torque plate. Both for cutting and honing. If you are not that fussed about ring seal , blowby and power then don't use it.