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You don't really need to clean up the outside so the flap wheel is not really needed. Files or the dremel for the edges of the spokes and inside of the rim should be all the fettling needed, the lathe will do the rest.

Drilling can be done with the lathe

If you have not already read it then this is a good thread to follow

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A drill in unlikely to produce a true hole both concentrically and size wise so you may end up with a wobbly fly wheel as the grub screw cants it over when it is tightened onto a loose fitting shaft.

Reaming is better as it should produce a more accurately sized hole but check the size of the crankshaft material if going for a built up crankshaft as it may be a bit under the nominal 9/32" (not 9/16" unless you are making a big one) . This is is the route most builder stake.

Personally if I can get a boring bar in the hole I much prefer to bore the hole to finished size that way it can be tweaked to a nice firm push fit onto the crankshaft material and should the drill have wandered due to hard spots or voids in the casting boring will true things up where as a reamer will just follow the drilled hole. At 9/32 it's on the border line for what can be reasonably easily bored and what is best reamed.

Edited By JasonB on 24/01/2021 17:16:25

Edited By JasonB on 24/01/2021 17:16:53

There is a video by Joe Pie regarding drilling holes using the tailstock on the lathe that is worth a look.

Tailstock drilling on the lathe

This video from Winky's Workshop looks at the use of spotting and centre drills in the tailstock.

Tailstock centre drills and spotting drills

Martin C