You are correct, I misunderstood that part, he did say 2.75". I also thought he was talking about the rod journal, but he said the crank journal, so the main roller bearings have been upsized and not the big end rod bearing? That actually makes more sense as if you oversized the rod journal, I think you would need a bigger rod to support that... Maybe he used a cat rod, which would explain the cat bearings?
But now i am really confused about the flywheel metal removed. If I am guessing the hole sizes correctly, that is somewhere in the vicinity of 4 1/4 cubic inches of cast iron, or about 1.12 pounds removed from that one wheel... That is a LOT of weight...