Good point - I forgot about the 'stretched' versions . . . kind of like a piece of carnival taffy. FWIW, I've never liked the stretched look - and the amount of stretch I see on some axles makes me a bit nervous. When the cross-sectional dimensions are reduced, the overall strength of that part of the axle is reduced.
Does it present a problem . . . I don't really know . . . though I know its been done thousands of times before.
In my mind if Henry thought that "thinner" was better, he'd have done it - as he'd go an extra mile to save a few cents on materials! LOL
Stretch away boys . . . stretch away . . .
B&S