One of my metallurgy friends kindly sectioned a scrap (rust and fatigue damaged) rod so that I could see how the process worked and possibly gauge whether it might be possible to remove some of the hardened layer and create a new bearing surface by grinding or honing.
Here is the rod cut up with the sample. The sample is just a thin section taken from opposite sides of the big-end, set in resin, and then mirror-polished.

And here is a close-up of the sample.

You can see a feint (darker) outline of the 'hardened' steel layer around the important inner surface and side faces of the rod. On the coppered areas - the outside surface and that little indentation where one of the oil-retention slots is placed show no hardened layer. I really need a microscope to get a picture of the actual changes in material structure and will try and do that. It is also possible with modern hardness testing equipment to check the change in hardness across the layer.
Not very useful in itself but fascinating for the curious mind...... :-)
G