I agree with everything Bristolbiker said – yes, it can be done, but it is not worth it.
Trying to keep the parent metal cool enough to avoid distortion would be a nightmare, as to give it any strength at all you’d really want continuous welds where possible.
To get it done to any kind of decent standard you’d be looking at several times the value of the cranks, and i’d want some sort of NDT carried out on the weld before I used the cranks, as you’d be amazed what an X-ray, or even die-pen will show up.
If you are set on trying to shorten them i’d say moving the hole by milling it out into a slot then fitting an insert would be the way to go, however any decent machine shop will want a fair bit of cash just for the set-up time.