I'm not too worried about stress concentrations.
As I transform my Fiero from lowly econobox into my vision of a high-end sports car, rough cast parts with visible parting lines are smoothed into fancier-looking parts.
Some benefits:
Making smooth surfaces and gradual transitions between sections reduces stress concentrations.
Without jagged corners, paint film thickness becomes much more even, so you're less likely to get rust starting at the outside corners were the paint is thin.
Looks nicer!
Here is an unmodified GM Metric caliper:
Unsightly...
Here is a GM Metric caliper that I ground and sanded smooth:
After I sandblast and recoat this shiny red, it's something that I could display behind an open-spoke wheel.
For smoothing castings, I use a combination of:
Angle grinder / thin cutoff disc (for cutting off huge chunks)
Lathe/milling for more "controlled" material removal
Angle grinder / flap wheel
Angle grinder / grinding disc
Files
Sandpaper
Wirewheel