The crank doesnt rotate in the oil though...
yes you get a mist build up, which can cause drag on the crank, but this is largely unaffected by aerodynamics. This is what the windage try is for.
Knife edging the leading edge of a crank is utter BS. The most aerodynamic shape for a body moving through a fluid (liquid or gas) is a tear-drop. The most effective shape for reducing trail drag is a knife edge.
So the most effective thing you could is round off the leading edge, and knife edge the TRAILING edge. This would make it aerodynamically ideal.
Whether you will see a gain or not is another story, let alone one which leads to a measurable power increase.
Same with dynamic balancing...
Why would an imbalance of a couple of GRAMS be relevant to an opposing combustion force which is in the order of TON's? Besides that, the effects intake manifold variations have on combustion will have a far more dramatic effect on balancing.....again combustion forces are in the order of tons, when balancing a crank you remove just grams. Same idea with coolant paths.....each cylinder is a different temparature, therefore has a different efficiency, and marginally different BMEP.
Its a "nice" thing to do while the engine is apart, but thats about it....