rcavictim
That flywheel from a bailer...you do know they were designed to run PTO speed, or 540rpm, yes? No doubt they have a certain amount of overspeed designed into them, but you are looking to almost double it's designed operating speed, at a constant rate.
I'm not trying to interfere here, but I've seem them on bailers in the shop at work. The thoughts of that flying apart at speed is a scary thought indeed. You could run the engine at 1000 rpm, and run the flywheel at 500rpm through double or triple belt pulleys, and still have the flywheel effect.
Sorry to go on, I was just imagining the "massive uncontrolled flying metal" thing happening, and someone (likely you) getting hurt.
However, I also have looked at those weights and thought they would be useful linked to one of my diesel engines somehow. It's not like old, rusty bailers are hard to find around here.