FWIW Steel backed shell, bearings, and bushes all start life as a huge roll of steel onto which the, for want of a better word, "white metal" bearing material has been bonded by immense pressure..
Having been sheared to the required size, the embryo bearing shell is wrapped, (pressed ) and broached.followed by the oil grooves being machined in, before the anti rotation tang is formed.
(Any swarf is collected, and recycled )
The suggestion to produce helical oil groove ( s ) by slowly withdrawing the tool as the chuck slowly rotates is the method that i would use. Preferably before final boring to finished size.
Ideally the groove stops short of the edge of the bearing, to retain oil.
The depth of the groove is probably not that vital., since in a non pressure fed bearing, the oil provides boundary lubrication, because the oil molecules are smaller than the depth of the groove, and distribute themselves along the groove.
On a pressure fed "white metal" steel backed bearing, the clearance between shaft and bearing will be about 1/1000 of the journal diameter. The clearance provides for an oil flow to act as a coolant to keep bearing temperatures where the bearing overlay material does not start separating into it's constituents.
In a less highly loaded, and non pressure fed bearing, the clearances may be a little less (Again, boundary lubrication ) to minimise the impact loads from irregular loading.
Where the bearing is a thick wall, bearing (Such as metalled in the rod or crankcase ) the clearances are likely to be closer, because of the lack of support provided by the steel backing..
Howard.