Mike. You’re right in that there is a potential of 0.088” that can be removed if going for a maximum amount of offset on a 312 crankshaft and using a 2.100” journal. When sending cranks out to be offset ground, it’s important to specify what the finished stroke needs to be along with the finished journal size.
Offset grinding the crankshaft rod journals simply allows the stroke to be changed. If simply turning the rod journals to a 2.100” diameter, then the stroke stays the same. But if offset grinding the journals where more is taken off the inside of the journal than the outside portion, then the stroke increases. Likewise, the stroke can be decreased by offset grinding from the opposite direction where more material is taken from the outside portion of the journal than the inside. At this point it simply becomes a math problem to determine the amount of stroke desired and whether or not that amount is available with the crankshaft that’s being used.
If the stock 3.44” stroke 312 crank is perfect, then the potential is there for a 3.528” stroke using 2.100” journals. But as a general rule, you go with a lesser value to insure that the crank journal does clean up on the outer portion without having to actually turn the journal to an undersize. Targetting for a 3.520” stroke would be the case here. If the rod journals have been previously turned undersize, the the stroke potential reduces if using the same 2.100” journal target. A 312 crankshaft that is already 0.020” under will make a 3.50” stroke and using the same 2.100” journals. The same basic rules apply when offset grinding 272/292 crankshafts.
Here are links to past threads going into more detail on offset grinding the Y crankshafts for additional stroke.
Crankshaft options
Crankshaft filet radii
Offset grinding for more stroke
Using a 312 crankshaft in a 292 block
And here are links to threads dealing with the connecting rods for some of the various applications.
Dynamic compression ratio and rod length
Length
Length differences
More stroker engine info
Orientation
RPM capability
Use in a stroker engine

Lorena, Texas (South of Waco)