Someone needs to start re-casting 340 blocks

Interesting!.

I am a strict amateur when it comes to crank specs and performance.

I would have thought that a crank would be more susceptible to deflection at higher RPM due to less material in it and therefore less reliable at higher rpm.

I know this is an over simplification but I'm thinking fishing rod. The smaller diameter it is, the easier it deflects when cast.
True, but that is where the stronger materials come into play. Forged steel, as in early engines and 4340 billet in race cranks.