Doing the math, the 3.53” stroke is attainable on a good standard 312 crankshaft when cutting the rod journal size down to a standard 2.100” journal. That will require a different connecting rod other than what was originally available for the Y engines. If the crankshaft that is being used has been previously turned undersize, then the amount of stroke offset available for a given journal size will be less than this and still using the 2.100” journal as a starting basis. As far as using stock Y rods and assuming you can get 0.060” undersize bearings, then starting off with a standard 312 crankshaft, the maximum stroke in this instance would be 3.46” when starting with a good standard crankshaft.
The smaller the journal size that's being targetted for, then the more opportunity there is for additional stroke offset. 2.00” journal sizes are common place for offset ground Y cranks while 1.889” for the rod journal sizes takes offset grinding to the next level. With the 1.889” journals, the oil holes at the journals do have to be watched as they will have a tendency to creep too close to the journal edges and if the journals themselves are being widened to accommodate wider rods, then the oil holes themselves can become exposed at the journal filets or radius.

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