Going .040 on the crank isn't a problem when it comes to the strength of the crank. The issue is getting a good quality bearing at that size. Definitely make sure the bearings are available before grinding. When I say available, not that they're listed, but actually in stock.
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62' Lemans, Nostalgia Super Stock, 541 CI, IA2 block, billet 4.5" crank, Ross, Wide port Edelbrocks, Gustram intake, 2 4150 style BLP carbs, 2.10 Turbo 400, 9" w/4:30 gears, 8.76 @153, 3100lbs
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