In the absence of a faceplate, you might be able to undo the three or four nuts that hold the chuck to the flange on the spindle. Then use the flange as a faceplate by holding the flywheel to it with some nuts, bolts and washers. Or get a disc of ally from Norweld and bolt it to the flange then face it off and drill bolt holes wherever you need them. Tonkins also often have steel discs on the offcut bench — "holes" from larger jobs on the CNC laser cutter.
Your lathe will take a much larger chuck than the one it came with. I would recommend a four-jaw independent chuck. You are going to need one sooner or later for holding castings and other non-round items for machining. A 125mm four jaw is a very handy thing to have, if it will fit your lathe. If not, a 100mm is pretty handy too.
For the flywheel in your picture, you might get away with holding by the hub like that. Take light cuts and drill gently. You may have to rap on the rim of the flywheel with a soft hammer (aka handle of a screwdriver) to get it running reasonably true before starting to machine the hub.
Or at a pinch, you might be able to make a simple face plate out of a piece of 20mm thick wood with a hole bored thruogh the centre, say 50mm diameter, that you can grip with the chuck jaws from the inside. Does the tai tai have a cutting board and do you have the skill to explain how a 50mm hole appeared in it?
Edited By Hopper on 03/10/2015 09:15:03