Noshoes,
What you advise was done years ago before the journal welding process was perfected.
The inserts were called semi fitted, and cranks were turned to .060. While it saved the
cost of a crank if one was to be had, as I remember the engines done this way were very not very reliable. I would have the journal welded up, with all the exchange cranks out there, I'm sure a lot of them have welded journals.