In the industry that I work in we machine components that are fit for the purpose that they serve. Roughing, finishing ops to relieve stress issues and then these materials are subject to further treatments and remachining.
I would have thought that a standard flywheel would be machined and treated differently to a lightened billet flywheel? A billet flywheel would have been machined, and relieved of its stresses before finishing for use. A standard flywheel would have been produced for exactly that. Once you start hogging out material you are introducing relief points into the flywheel thus causing deformation of its faces.
To make a significant weight difference you would have to remove a fair amount of material.
I'm not questioning the fact that it can't be done, just that from a safety/fatigue aspect, knowing what we've seen of flywheels failing, my personal view would be to stick with the pre-manufactured item.
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