Hi John. You are correct but :
1. I want to fit needle roller bearings to the assembly (mains and big ends), which makes it tricky to get them on :-).
2. I reckon I would need a 40mm piece of steel to turn down which is a HUGE (for me) amount of work.

Also I would find it hard to get the required level of finish for said roller bearings.
I could perhaps turn down sections but I think the heat shrink way should give good results with less effort. Also I can harden the silver steel mainshaft and big end pieces before assembly. Cutting a hardened shaft is not difficult with an inox grinding wheel cutter. I considered 'Bogs' puddleduck engine method but concluded it would be too floppy. I am hoping to get some serious power out of this thing so it needs a good stiff crank. I have some heavy duty arc welding kit if it comes to it, but the shrink idea would probably be stronger and need less cleanup.
Using the 'shrink' method I can turn down the shaft where it needs to be removed (by 2mm or so) and supply a lead in for the cankweb to start on. Once it's done removing the unwanted bits is easy. I'm only making a two cylinder engine so it should be fairly easy to do (famous last words).
I also considered tapering the shafts and holes, applying a lot of pressure, then drilling a hole and using a steel pin to lock it, or threading the parts with a small shoulder and locking them with a through pin.
Many thanks
picclock