You are correct about sleeving rods, there are issues and it will normally weaken the rod. The picture eldert posted was actually mine and I won't go into that particular issue again

That said sleeving can work if there is sufficient parent metal and sometimes it's needs must, rather than a first choice. I recently built a 175 crank with a sleeved 250 rod (which is thicker) and a 30/38/18 bearing. The thickness of the parent metal of finished rod was actually thicker than the original 175 rod, so hopefully strength will be fine.
That's interesting the Mach 1S has a bronze cage, is it original? Seems an unusual choice and I've not seen it's use as a rod bearing cage before. Is it machined and wasted away to a thin section rather than the thick alloy cage section.
Nigel