57Ranchero. I'd encourage you to read a thread from 4 months ago titled, 'De-stroked 292 Y-block'. It delved into the idea of using a 3.10 Ford / Merc crank as you have suggested, maximum bore, rpm range, engine torque, etc. Ted Eaton, Joe-JDC, Miker, John Mummert, and others made significant comments in the two page posting.
Click the link below to access this thread from the Archive.
http://forums.y-blocksforever.com/FindPost136569.aspxI think you'll find the read very informative.
NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York