A series cranks, especially 1275 cranks are factory hardened, and that hardeneing is good to about .030", so .010", or .020" journal do not concern me very much, once you get down to .030", then you getting to the point the factory hardeneing is about gone, and you need to think about rehardening.
AS for rod and main clearence on one of these engines, I use .0015" on rods and main for my street engine and .002" on my race engines. my engines are bluepint built, thats a real fancy term for just saying, I meaure everything, determine what needs machining, then when machining is done I dictate the size, for example I might say to my crank grinder "the rod journals need to 1.6154" ", because that is the number I need once I resize the rods to get me to .0015". I have alot a precision measuring tools to do all this with, but lets just use a rod clearence for an example, I make sure the size on my rod journal on the crank is right, my crank grinder, same one as Mike uses, (I turned him on to them) they're outstanding, they will hit my number +/- .0001", then I resize the rods in house on my Sunnen hone and use my Sunnen AG300 rod gauge to make they are to the exact size +/- .0001" I want, I use the bearing shell thicknesses printed in a bearing book to see what the bearing thickness should be, use a ball mic to actually measure those bearing shells, then I use this simple formula,
Housing bore - bearing shell thickness x2 - journal size = clearence.
I still use plastigauge sometimes to double check, and it's OK, it leaves lots of room for human error, like rotating the crank even a little bit while doing this , or tapping a cap on to hard, so plastigauging can fool you some of the time.
I'm often asked, "whast the big deal, so I have extra .0005" more clearence that what you stated, whats the crime if I go with say, .002" vs .0015" ", well it actually pretty important a extra .0005" too much clearence could compromise oil pressure 10-20 psi, and oil pressure is why I go to all this trouble.