malofix,
You asked: "Woulnd't it be hard to center the cylider for boring?"
Compared to other approaches, probably. The location of your hole in the horizontal plane is easy , using the cross-slide hand wheel. The location in the vertical plane will have to be set by putting blocks and shims under the piece as you clamp it down.
You will need to remove your toolpost from the cross slide. Note how the toolpost bolts on. You most likely will find that there is a T-nut in one of the cross-slide slots. You will need some more T-nuts and apppropriate bolts and hardware to anchor your workpiece. T-bolts are just bolts with heads to fit your slots. You can use either T-nuts or T-bolts.
You can make T-nuts or bolts by copying what you have that anchors your toolpost. You should be able to make them with a hacksaw and files. You may also be able to buy them in the size you need.
This link from Grizzly provides an EXAMPLE of T-nuts. Those particular ones WILL NOT FIT YOUR LATHE. But, If you look in the upper left corner of that page, you will find a key to the critical measurements you need to pay attention to when measuring or making T-nuts or T-bolt heads.:
https://www.grizzly.com/products/grizzly-t-slot-nuts-pk-of-4-5-8-slot-1-2-13/g9515.
--
I'm not sure what you mean by "the cavity on the flywheel." Can you illustrate the feature for us?
--ShopShoe