Not to worry much there. The crankcase is aluminum (some are magnesium) and the crank is steel, but the bearing shells are also steel, lined with copper, tin and lead, and those steel shell halves are butted tightly against each other when the engine is assembled and the through-bolts are tightened. The aluminum case simply can't crush them enough to tighten onto the crank itself. Minimum bearing clearances are, in a Lyc, depending on model, run between .0011" to .0025". The smaller clearance is in the thickwall bearing shells.
The cylinders are steel. The pistons are aluminum. In the cold weather the pistons contract MORE than the steel cylinders, and the clearances increase. That's why combustion blowby and subsequent crankcase moisture and corrosion are so much worse in cold climates.
And, contrary to popular myth, those cylinders on many of our little-airplane engines are not intentionally tapered. From Lycoming's Direct Drive Overhaul Manual:
View attachment 103069
In the Continental O/IO-470 overhaul manual we find an intentional "choke" (taper) specification of .0035". Considering that the minimum clearance for the piston in that cylinder is .009", you're never going to get it tight in any cold weather. The bigger risk is cold-seizure, where the pilot starts that cold engine and takes off, and the piston heats faster than the cold cylinder and starts scuffing. Ultralight two-strokes are famous for that. They can seize solid.
The coefficient of linear thermal expansion for aluminum is, IIRC, around .001255 per degree F. For steel it's around half that, at .00065. A 2" journal on a steel crankshaft will shrink by about .0013" in a 100-degree F temperature drop. The bearing shells would have to contract that much (and they do) plus they'd have to contract almost that much more again to seize the crank, in the tightest engines. They won't.
I'm not defending starting that engine cold. There are far too many other reasons not to do that. That cold oil can be so thick that the oil pump can't suck it fast enough; it just makes vacuum, and no oil goes anywhere. Even if it does manage to move it, it's slow, and some components (oil cooler) can suffer damage from overpressure. Oil coolers are plumbed into the system all the time; they're not disconnected by the thermal controls. Those things just open a bypass, but the pressure on the cooler is still there. That cold, thick oil has a hard time making its way into the small galleries in lifters, pushrods, crankshafts, gear-lubricating nozzles, and so on. They all suffer. Crankshaft main and rod bearings will get the worst of it.