Ken, we use to have the cranks rebuilt on larger late model engines, but it was fairly expensive. That’s why it was always larger engines with just one or possibly two journals. You can’t just turn them down because the crank is hardened for roller bearings. Grinding it down would remove this surface hardness and leave the crank too soft for needle bearings. The reason the whole crank is not hardened is because it would be too brittle and break. People have asked this question before and even tried the procedure you mentioned, but it doesn’t work. Thank goodness we have many old engines to choose from, at least on the OMC side of Classic collecting.
Dan in TN