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The exact thing happened to my 46 Columbia. I was having a problem with a pedal. I thought it was bent. The crank arm was bent, not the pedal. I removed the crank assembly and noticed the arms were offset, just like yours. I heated it up with a torch and tried to straighten it. I ended up tossing it and replaced. Either someone really heavy stood on the pedals, or a car hit it. Just replace it.
Thanks guys, I'll probably get a replacement- but for now I just set it on a piece of steel and drove over it with my van! Not perfect, but pretty darn close and good enough to ride around on until I get a new one- haha... made my day!
I would clamp it tight in a bench vise with brass jaws to keep it from getting marred, and then heat it at the crank/axle juncture with a torch to an orange color and carefully bend it back. You can slip a piece of steel tubing over the crank for leverage. As long as you keep the heat right there at the juncture you shouldn't have any problem with keeping the axle concentricity intact.