If 650-700whp level is where you'd like to be at, I don't think closing the deck or sleeving the block would be necessary. Although sleeving the block would strengthen the cylinder walls and prolong the time it takes for normal wear, it would not prevent them from ovaling under high HP. The more power the more the cylinders will "rock". Only closing the deck would prevent that. (Or pinning block which isn't desirable). I don't believe this would be an issue on the N54 unless approaching the 1000hp mark. This is just my belief and not a fact. Also, closing the deck does NOT eliminate the open spaces for cooling nor will it increase knock. IMO