I agree with what has been said previously. I suggest thinking about your choice in a different way though, too. Consider what you want this engine to do. How will you use it? What will it power? Then consider how much money you plan to put into the build.
IF you need cubic inches, starting with the 312 you can get to 317 (.030 over) or 322 (.060 over) fairly cheaply with just boring the cylinders, buying oversize pistons, and having the assembly rebalanced. A 322 y-block is a different animal than a 292. For street and highway use, I'd use the 312 block, even if it's totally stock. IF you want to strengthen the bottom end, drill the main cap holes deeper (like the later 292 blocks), tap the holes, and use ARP bolts or studs. You can get these from John Mummert.
The advantage to using the 312 crank in the 292 block is that you're less apt to have problems getting the rear seal to seal or stay sealed. BUT, to accomplish this, you've got to have the 312 crank mains, oil slinger, and rear seal areas ground to 292 specs. $$$ The specs for this machining work can be found on John Mummert's web site, www.ford-y-block.com If it's an early 292 block, as mentioned above, consider drilling the main cap block holes deeper (like the later 292 blocks), tap the holes, and use ARP bolts or studs. After reworking the 312 crank to fit the 292 block, you'll need to use the 312 rods (they're .072 shorter than the 292 rods) and have to modify the 292 piston skirts because of interference problems. Yes, you can bore the 292 block to 312 standard or 312 oversize dimensions. As was mentioned previously, have the block sonic tested before seriously overboring any block. Core shift when making or pouring the sand mold is the problem that significant overboring uncovers. You've got to bore .050 just to get to the stock 312 bore diameter! $$$ Whatever modifications of this type you implement, you'll need to have the reciprocating assembly rebalanced.
John Mummert's web site has a tremendous amount of helpful information on it. Look at the 'Technical' section and the subheading, 'Parts To Look For'. The search function on this
'Forum' is a treasure trove, also.
Hope some of this helps you in getting started.

Regards,
NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York