Sport you gain better oiling to the bearings by cross drilling the crank and chamering the holes larger, but if a Splash guard is not installed with the mod you will lose anything you hope to gain from it, which is not much to start with. As far as clearance go's yes that will create less friction, but also can make a short life engine from doing it.
This was done with dry sump systems and very large pumps. It was for drag racing applications. We didn't need no stinking long engine life, because lots of other things broke it a lot sooner!