Rather than get a big machine just to make one or two flywheels in your life check out evening classes or clubs that have machines you could use. There are also possibilities with rotary tables and a milling machine. Many of the larger items are available part machined too as the suppliers don't want to lose a potential customer so even if they don't list it always ask. If they don't come up with something you have to ask how good they will be on other support issues.
One of the things you might find more difficult is the cylinder block. You will either need to swing it all on a faceplate or be able to mount it on the saddle to use a boring bar between centres. Next you need to be able to swing a boring tool at the boiler diameter over the saddle to machine the curved mounting face. that could be the constraint. Or you do it on a mill. If you don't have a mill nowadays it is probably better to put spare cash towards a mill rather than a bigger lathe.
BTW Jason is the forum No1 TE man.