For the mainstream Y crankshaft material, Ford used nodular iron which had the same strength throughout. GM on the other hand used material which required surface hardening to get the right wear characteristics at the journals. It’s the GM crankshaft material that started that ‘blanket’ statement “Don’t use a crankshaft turned more that 0.010” but that simply didn’t apply to the Ford crankshafts. The Ford cast cranks turned 0.125” wear the same as the standard sized journals.
The C1TE cranks are forged steel. Where crankshaft snout strength is necessary such as in a supercharger application, then steel cranks have the edge over the cast cranks. Steel is also desired in the trucks where heavy accessory loading may be imposed on the damper end of the crankshaft. In the dirt racing applications, the cast cranks tend to last longer than the steel in part due to the cast cranks being more flexible and forgiving than the steel cranks. I've seen a multitude of broken steel cranks where they broke through the first journal and significantly less breakage after the same racers switched to cast iron.
Oil retention is superior in the cast cranks versus the steel units so bearing life ends up being better on the cast cranks. As long as an oil film is maintained between the bearings and the journals, additional hardening is not required. Quality oil tends to help here also. That also means not using oil rated for diesel engines if going for mileage records on the bearings.
I’ve seen Y cast cranks cracked at the journals and those were the result of a rod bearing that either hammered itself or allowed the insert to spin within the connecting rod. In general they are very robust units as cast and if they do break, it seems to be the front crankshaft snout being the part that gives up more often than any other part. The cast cranks for the Y have the advantage of being fully counterweighted (eight counterweights) versus only six counterweights on the steel cranks.
Not sure what you mean by rolled or hardened fillets but insuring that adequate fillets or radii are maintained at the journal edges is a prerequisite for keeping crankshaft breakage to a minimum. When turning the 312 cranks to the 292 main sizes, just insure that the grinding rock is dressed appropriately to maintain an adequate fillet or radii at the journal edges. An undressed rock is an invitation for a crack to develop in the radii.
Here are some past threads discussing fillets or crankshaft radii in general.
http://forums.y-blocksforever.com/FindPost17427.aspx
http://forums.y-blocksforever.com/FindPost53891.aspx
http://forums.y-blocksforever.com/FindPost19159.aspx

Lorena, Texas (South of Waco)