Normally... no. BUT... if the lower bearing in the connecting rod is TOTALLY gone... then I guess it wouldn't push the piston up then entire way, and the compression would be low. BUT... if that was the case... the engine would have eaten itself before it got to that point.
Unless the mechanic took the engine apart... it would be hard to say if the crank is bad. Noises can come from everywhere.
The only way to know is to take the engine apart.
I will say this. If you want a dealer to rebuild the top-end... it will probably cost more than having a dealer swap a rebuilt engine. (dealer labor is expensive)