I have a 1 inch leg length discrepancy and no correction on my cranks/pedals. I've found the Brooks B-67 saddle to be amazingly forgiving of my obliquity. The "long leg" sit bone has dug a nice divot into the leather and the springs let me drop the short hip during the pedal stroke. (similar to what I do when walking or running)

My shoes have a 1/2 inch correction on the short side, but I find they aren't necessary on the bike. I have no problem using them on the bike (full length sole lift) but they aren't necessary.

(I only have a 1/2 inch correction because anything more than that causes me trouble. If I needed a full inch I'd probably go for the drop-pedal system that a few TE'ers have: http://www.hscycle.com/Pages/cantsandwedges.html )