The hole in my '53 235 "w/Powerglide" crankshaft accepted the Dorman 690 034 perfectly and ran true with a 3 speed and a T5 transmission. That hole looked to be machined to me.
Kevin brings up a good point about the need for a concentric hole for machining the journals.

1952 5-window - return to "as built" condition | 1950 3100 with a 235 and a T-5 transmission