If the cylinder walls are thick enough it can be done. If it's a later model "396" that was actually a 402" engine (4.126" bore) the walls are usually thick enough to go 0.100"+ over and be safe. The early blocks with a 4.094" bore aren't thick enough to much over 0.060". There are exceptions, this has just been my experience with them.
A neat one would be a 4" crank in a 396/402 block. Big oval port heads. All the stuff that's getting passed up for big inch parts lately.