The only result of the oil line hole would be a slight reduction in the volume of oil to the rocker shaft- - - -little if any effect on the oil supply to the crankshaft bearings.
Let's establish what sort of crank grinding error you're measuring- - -is it "taper", a different diameter dimension from front to rear of the journals, or "out of round", different diameters (egg-shaped) at different places when the micrometer is positioned at various places around the circumference of the shaft? Either one is bad news, but out of round will affect oil pressure more than taper. Taper tends to wear a bearing in a very narrow area, where the diameter of the shaft is the largest, because it's carrying most of the load. Bearings from tapered shafts have a tendency to wear down to the copper, or sometimes even the steel backing, where the clearance is the smallest. At any rate, I'd strongly suggest going back together with another crankshaft, and a set of properly reconditioned rods. If the machine shop is willing to foot the bill, so much the better!
Jerry
