Knife-edging the crank means grinding the leading edges of the bits that swing around to a sharp edge. In theory, this helps them go through the air and the oil spray that are inside the engine block. It helps at high RPMs, but doesn't really do much at low RPMs where we like to drive. In a high-revving race motor, it can be good for a couple of percentage points of power, in combination with boat-tailing the mains (more aero mods to the moving parts of the crank).
Don't bother with those in a street motor.
-soD
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