That's too bad. Economics has nothing to do with it though, no matter how much money you can throw at a cracked flywheel, you can't fix it so it's safe. Cast iron flexes while it's spinning and the forces involved are immense. You don't want to risk 275 lbs worth of cast iron pieces flying off into your neighbours home (or your own for that matter).
Think of it this way. The hammer throw at the olympics has big strong people spinning around a hammer that weighs (?) lbs, consider how far they go! Imagine a 275 lb hammer going what, 60 mph?. Not a pretty picture.
Stan