I'm pretty sure the crank shown in the original post is not actually drilled through. I think Jeff has just done small stopped holes and filled them with paint. At least that's what looks like in that photo. He's forum member "drillium dude" so you can ask him if you want.

Italvega used Record cranks with large holes drilled down the center of the cranks on their Superlight model, as well as many drilled components. I always thought the holes down the center of the crank were a really bad idea and did not look really look good either. But the work on the rest of the bike was very cool.