Everything that you said is correct except the amount of stroke. If you offset grind 1/4" off a journal you gain an extra 1/8" of stroke at TDC and also 1/8" of stroke at BDC so you gain a total of 1/4".
You can also have a crank welded up on one side and reground to add stroke. This way you can still use your old rods. The only problem is now you need shorter pistons. I am not sure if you can weld Oliver cranks as I have never done it but I help a guy with a John Deere 4010 that is welded and stroked and it makes about 600 hp.
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