Those cutouts can be made to balance or re-balance the crank. On the driver side of the block, there is casting date, that should tell you if your car still has the '68 engine. Since you already have the main cap off, pull the bearing from the cap and check the back side of it, if the crank was turned at some point, the bearing will usually be stamped with the under size such as .010 etc. A crank that has been turned will also need to be re-balanced which might explain the ragged nature of the cutouts.
Dave