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Has been done before, but you are adding a lot more work than for yourself. Changing rod bearings, I can see just working from the bottom, but to replace piston and rings - just rebuild the whole thing at once.
I'm assuming this is to stem oil consumption issue? To get the most of that repair - should check that the cylinder is square before you dump any more money into it, check head and block for flatness, then will have to hone the cylinder walls, clean off carbon deposits from the head with a cross buff, etc.
Just replacing the rings/pistons "might" work - also could make things worse. Definitely not one of those quick fix sort of things, unless you are going to dump the car immediately afterwards.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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