As has already been said, you don't have to have an Aluminium mandrel for an Aluminium component. In fact it would be better not do that. If the Al flywheel should slip on an Al mandrel, there could be local welding, and then in worst case, the two could be welded together, and only separable with force. Even if the worst case did not happen, there could still be scoring damage in the bore of the flywheel.
Mild steel should be easy to turn, FAR easier than stainless. Just don't try taking deep cuts.
Ensure that the tools are sharp, and set at centre height, and don't try to take deep cuts, "Slowly, slowly, catchee monkey".
Cut up tins, or coke cans for shims to adjust the tool height. Faced with a choice of a thou or two above or below centre height, go below. This will give increased front clearance , whereas above the tool will not cut properly, and merely rub.
High Speed Steel tools will cope better with small cuts than disposable tip Tungsten carbide tips.
(But this then gets you into grinding tools, which you will need to learn, eventually)
The advice on parting off is all good. Lubrication can help. For Al, kerosene is a good lubricant. Occasionally withdraw the tool to clear swarf, and when cutting, keep a small but steady forward feed. Don't let the tool rub. Don't force it, that will be likely cause dig ins, possibly a broken tool, even a scrap workpiece.
If there is a build up on the edge of any tool, stop and remove it. Lubrication helps to prevent this.
If you suffer chatter with any tool, reduced speed often helps, as will lubrication, sometimes.
If you decide to make split mandrels, remember that the central screw(s) will need to have the head turned to a taper so that the mandrel is expanded as the screw is tightened. Ten degrees (Five degrees Topslide offset) should be enough. My advice F WI W is to use as large a diameter screw , as possible, within reason.
You'd be pretty sick to have a M3 shear off, when a M4 or M5 wouldn't have!
Since you are bolting down the lathe, the bed needs to be free from twist. If the bed is twisted, it will not be possible to turn parallel over any length. (It won't turn parallel over a short length, but the error over a short distance will barely be detectable). If bolting to a wooden bench, my advice would be to have a piece of 3mm steel under the chip tray, to spread the load, before starting to remove any twist.
Since you are cutting dry, the level from Headstock to Tailstock does not really matter, but it is important that the front to back level is the same at both ends.
If you can get hold of a copy of the Myford Series 7 Manual it sets out how to remove twist from the lathe bed.(see page 42; although the same info will be available elsewhere, for sure). Turning a holding down nut just a flat can make a difference!
Do take up offers of help, you will learn, by seeing as well as hearing of how others do it.
Good luck! You'll get there in the end, but try to learn and make your mistakes on material. that you are prepared to scrap, not raw castings for you next project!
An undersize bar originally meant to be 6mm can always be raw material for a 5mm or 4mm piece.
(But I am an inveterate hoarder. "It'll come in useful one day"
Experience is what allows you to recognise the mistake, the next time that you make it.
Keep trying.
Howard