Yes and Yes
Generaly, oversquare engines produce more horsepower at higher revs compared to undersquare engines that produce more torque at lower revs. Connecting rods play a big role and it something that I think I know about. Let me explain...
The ratio between the connecting rod length and the stroke length of a motor greatly affects the way it performs, and how long it lasts. This ratio can be calculated as follows:
Ratio n = Rod Length ÷ Stroke
The rod’s length is measured usally from the center of the piston-pin opening to the center of the big-end bore, not overall. There is a small range of ratios for most conventional piston engines: the rod is between roughly 1.4 and 2.2 times the stroke length. It’s not possible for the rod to be the same length as the stroke, and rods much longer than twice the stroke make the motor very tall,not practical for most purposes, but there is some used for racing.
The rod angle must not encourage excessive friction at the cylinder wall and piston skirt. A greater angle (smaller value of n) will occur by installing a shorter rod or by increasing the stroke. A reduced angle (larger value of n) will occur with a longer rod or a shorter stroke.
If the rod length is decreased, or the stroke is increased, the n ratio value becomes smaller. This has several effects. The most obvious is the mechanical effect. Motors with low values of n ( short rods or long strokes) typically exhibit the following characteristics when compared to high n motors. Overall shorter (more clearance for headers, pan, air filter), thus a lower block weight, but because of this higher vibration should result, and higher operating temps. It also affects the way it breaths. Intake vacuum will rise sooner, therefore allowing bigger carburetors or intake port runners and plenum volumes to be used without loss of response.
Tried to sound as professional as I can
out of time for now, more to come on the pros and cons of long and short rods....