I must get some photos of my latest flywheel, it uses a tapered collet to hold it on the shaft, no grub screw, this one is for a 8 mm shaft, but could go to at least 5 mm, if not smaller, I tend to make my crankshafts a little bigger than in some published designs. On very small flywheels it is possible to go straight in through the rim, that's what we did when we made a little steam engine at night class at the High School, we drilled tapping size to the bore, then drilled clearance size to within about 6 mm from the bore, think the clearance was 3.5 mm to clear the shank of the 3 mm tap.
With Kwil's method, the copper slug would conform to the shape of the shaft, and lock well with not too much force, and an ordinary grub screw can be used, or a bit saved from shortening screws can get a slot cut with a junior hacksaw.
Ian S C