The flywheel weight is made out of mild steel or a soft alloy.It mills very easily.As far as doing the work in place it depends on skill ,tools and comfort level.
If you want to get technical machining wise,milling the weight down a little in place on the axis it actually spins on will be more precise weight distribution wise then milling it down on a lathe and bolting it on,keeping in mind you are simply cleaning it up a bit as opposed to true tooling work.Its easy,we have done it alot.Not for clearance purposes but to get the weight exactly how we want it.
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