Traditional wisdom is that you really cannot "oversize" a flywheel as long as you do not exceed the wheel strength vs centrifugal force issue. (Usually not an issue on model sized engines). If the engine is rough, you might need more inertia, not less.
Having said that, like Tin Falcon says, look at other successful model engines and scale the flywheel based on them.
Here's a staring point. For single cylinder, double acting engines: flywheel diameters often end up being around 3X of the stroke. So, for a 40 mm stroke, a wheel diameter of around 120 mm is a good starting point.
The metal near the OD of the wheel contributes most of the inertia. So, you can thin down the portion between the hub and the OD if you want. Or you can make it with spokes or holes. On larger engines, the thickness of the "rim" is usually in the range of 20-30% of the width of the rim.
Terry S.