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I also did this to an old set of MT62 cranks. I always thought even 165mm cranks looked a bit long for the missus who's 167cm short. And when we moved away from track cranks on her bikes I couldn't find any decent double or triple cranks in 165mm or shorter (actually I could but a) I didn't fancy them b) they were too pricey and c) I had a good stockpile of 175mm cranks).
I wouldn't use the term milled but the process involved a drill press, pedal taps, angle grinder and some files. Now she has custom 155mm MT62 cranks and her rotation looks much better. She told me it was a bit weird at first but got used to it after just a few km's. She can't really hammer down like she used to on 170mm cranks when she's out of the saddle but otherwise she's completely sold on the idea of shorter cranks for shorter people. A bit like smaller frames, handlebars, wheels etc.
which part is milled down?