I believe the intuition is correct. The highest of the forces should be compression straight down the rod.
And after all, one mm off the diameter is only a half mm off the radius (about 20 thousandths for us US folks). I'm no engine builder or materials science guy, but my seat of the pants engineering says I wouldn't be concerned about taking off .020 of material.
Anyway, I know it's academic because you're not ready to try to tackle a job like this, but if you were, you juuuuuust might be able to get that on your lathe. The FSM says the rods are 5.13 inches "center distance", and I assume they're taking center to center between the two bearing surfaces. With the big end lower cap off, you just might be able to swing it. (Get it... Swing it?)
Haha! I kill me.