Well, no downside except for less efficient pedaling. Your leg muscles are most efficient when they can contract and extend through a particular distance. (or do you think tiny, 15mm crankarms would be just as efficient?)
Yes. In one of John Forrester’s books he relates the story of a race he was in, where the main threat to his team had extra long crankarms, but a standard frame. So they decided to attack in a turn when he couldn’t turn as tightly and pedal at the same time.