We do a fair amount of sand casting at the university where I teach, mostly aluminum, but we have played with the hotter stuff at times. Get yourself a good how to book on the subject, the Gingery series is good basic stuff and will get you started. I would recommend starting small and playing around with aluminum until you get the hang of it.
We use an oil bonded sand for most of the work we do, budget casting supply will sell you small amounts of this stuff and you can also order anything else you need from them, including the bronze alloys. I personally would be leary of casting the bore in place (I think it would be better to bore it out afterwards), but if you do want to try this it can be done, we have resin bonded sand that we sometimes use for things like this. You basically pour it in a form and bake it in the oven which makes it rock hard, following this you can position it in the mold and the molten metal will go around it. Any movement and you pretty much better start over, the stuff can be easily broken out after the part has cooled.
Definitely pay attention to safety, I am still recovering from a serious non-foundry related burn to my left hand and I can tell you from first hand experience that burns have got to be one of the worst injuries you can suffer.