The shafts on my roadster’s Y engine are as you are currently contemplating as they are thick walled with a much smaller thru hole for oiling. They were done in this manner to increase the overall strength of the shaft and reduce any potential for flex so I could run valve springs that would both handle 0.595” at the valve and buzz the engine up to 7200 rpms. The material that was used was already sized and hardened correctly on the O.D. which alleviated the concern about using a non-hardened material in such a high pressure environment. After several years of use, these shafts are still holding up fine with no observable wear taking place but it is a race engine with only a ¼ mile at a time being put on them.
For the most part, the stock shafts are more than adequate in most applications but Verne Shumann now offers rocker shafts for the Y which have all the performance enhancements that were originally specified by Holman & Moody. The overall finish on Verne’s new rocker shafts is completely different which makes them easily discernable from the run of the mill shafts that are currently available.