i have a block that got bored out to 040 over.........is this block any good? should i use another block and go 020 over instead......my question is really what is it going to feel like with a 040 over block with a automatic transmission non turbo?

you're still within safe tolerances for overboring. you can overbore up to .060 over and still be safe.

it'll probably give a little better low end seeing as at that point you're creeping close to 2.1L of total displacement

will it give it more horsepower? im just trying to find out the advantages and disadvantages of over boring

If there is any increase it will be marginal at best. The more you overbore the block, the thinner the cylinder walls become. This could insrease the chance of premature engine failure. (But then again, is there such a thing as mature engine failure?) I'm not saying you shouldn't use that particular block. Since you say you don't have any power adders, you should be fine provided everything is within spec. And chances are it's going to "feel" exactly the same as it did before.

.040" over is fine. Unless you work at Underwriters Laboratories or NASA, you're not going to notice any difference between stock, twenty, forty, or even sixty over on a 2L four.

Always a good idea to have the pistons you will be using in hand before you bore the block. "Forty over" can be a straight forty thousandths over stock, but it can also be the piston clearance specs over the size of the pistons you've got too. (That is, you get "forty over" pistons, they specify needing X thousandths clearance in the cylinder, the machine shop measures the piston, figures that clearance, and bores at THAT number, instead of just going forty over stock.)