Doug: i commonly use 400 grit wet or dry, the black oxide paper.
then follow up with 600 grit, and use diesel fuel , wd40 or whatever as a lubricant
it is amazing how fast it will clean up, and if you have some grooves, oh well, they just hold a bit more oil
talk to one of you mine mechanic's and see if he can dig up an old detroit engine service manual, the older ones are good for showing how
to polish up stuff, what to worry about and what to not worry about, and most of the info holds true and is applicable to most all engines.
i wanna see a clip of that thing running
because of how lubrication works in plain brgs (wedge forming) tolerances can be pretty sloppy compared to what you are used to on electric motors.
if you make up a flywheel from steel plate, why not knock off the ring gear from your cast iron wheel and have a step cut to mount it on the steel wheel?
bob g
ps. put it together, and like Sid said, it will likely outlive both of us. i don't know about you, but it seems it is the engine that you don't care much about that keeps on
going, and the one you get anal about the seems to never be perfect. also the engine you don't care about, when it does fail it is no surprise, no upset. the one you spend hours, dollars and all sorts of attention to, is the one that sours your stomach when it has problems.
moral of the story, clean it up and run it.
bob g