Your lift arm theory is arguably the best so far. Since the car was largely original when I purchased it, I don't believe that it was raced. Also, having disassembled the entire car, there are no indications that the it has been in a major collision. At least nothing that would have caused both TAs to crack in the same location.
As others have suggested, if this was a common problem, we'd likely have heard about catastrophic failures. But, since these cracks could go undetected until the TAs are thoroughly cleaned (hence sandblasted), who knows how many cars have similar problems, or at what point that a failure might occur. If you are doing a restoration, I'd definitely sandblast the TAs and inspect. If you are not restoring, I'd seriously consider getting the car off the ground and inspecting the best that you can.