Rumblebee, you are forgetting ONE IMPORTANT THING:
Assuming you leave the outermost edge of the rod journal and grind all of the 0.120" off the inside,
you have only moved the center of the rod journal out 0.060". Yes that's on both sides of the circle, but it's 2 X 0.060 and not 2 X 0.120.
I believe rod length of the 4.7 is 6.12. Deck height is 9.09.Stock stroke is 3.405 Piston compression height computes out to 1.26" Rods weigh 565 grams
See writeup here:
http://www.allpar.com/mopar/47.htmlTo the OP: Maybe an easier way to get more power would be to find a 2008 - 2013 290hp version, there were quite a few improvements according to the writeup.
It's an interesting question, thanks for asking it!
R.