Briefly
1. Perhaps, slow feed with great care. Best avoided.
2. Yes. This is the normal way to use any cutter
3. NO. This is climbing and will probably break the saw. Simply the saw, or cutter, will try to climb over the work and put excess loads on the tool and machine. In a few cases, such as some high alloy steels that work harden, climbing has to be used.
Cutting details. Assuming the crank is mild steel I would use a maximum cutting speed about 80ft/min (400mm/s). For a 3" slitting saw this would be 100rpm. The feed should be slow, very slow. I do not take a deep cut when using a slitting saw, usually using less than 1mm depth. OK it takes time but I am not on piece work. Use cutting oil/coolant. If in doubt reduce reduce speeds and depth of cut. If the crank is cast iron lower the speeds and do not use cutting oil/coolant.
JA