Honing is a process thay smooths out imperfections in the cylinder walls and leaves a cross-hatch pattern that aids in the seating of piston rings.

Hot tanking is exactly what it sounds like. Whatever is being worked(block, head) on is submerged in a hot tank(go figure ) of solution which cleans it.

Decking is milling the deck of the block so that it is uniformly flat. The amount of material removed can be kept to a minimum, or it can be specified by the customer.

The lobes(I don't know what the technical name for them is, so I'll call them lobes) on a typical stock crank are kinda square/round looking. Knife-edging a crank is when these lobes are machined so that they taper to a point. This, in theory, results in less rotating mass and reduces resistance against any oil that the crank may be rotating thru.

Thrusts are thrust washers, I assume. They shim the crank laterally in the block.