Where abouts would it have been oval? More for my curiosity.
If you look at a piston, the wrist pin bosses have more mass than at a point 90 degrees to the wrist pin. As the piston gets hot, it -will- expand more in one direction than another. If it starts out non-round, it will fit the bore better when it is at operating temp. Also, the loads on the piston skirt are not symetrical around the bore. There is little side to side load on the piston, but in line with the connecting rod, the loads are higher, and since the loads change from the compression to power stroke, they are different from one side to another. Some pistons might have the wrist pin offset too. So, we have out of round, and offset, etc.
Now, by -how much- and in -what direction- and -where- are the million dollar questions.
A round piston will work, but not as well as one that is properly designed. The same as a 100,000 mile motor will run, even though a lot of parts no longer meet their original specs, but it will run not as well as new.
So, the answer is, you could make round pistons, but they will not be as good properly designed ones.
People might buy them, without knowing that they are not properly designed, and they might be cheap not being built on the proper (but expensive) equipment.
Lots of parts have a lot of really subtle engineering chnages and refinements to them, more so than meets the eye.
Pete