You are getting close!
My thoughts on a flywheel on the minilathe, FWIW: yes, certainly challenging, but plenty of folks here have done it, so it must be do-able! One of the keys will be whether you can get the chuck jaws around the blank and still clear everything. It will also help if the material is relatively easy to machine - aluminum is maybe too light for a flywheel (??), but good grey cast iron machines nicely, or 12L leaded steel.
You didn't ask, so feel free to ignore the rest of the post, but in case it is helpful, here's how I would do it. I'll be interested to see what other approaches others may suggest.
Mount the blank in the chuck, and taking light cuts, face one side until it cleans up flat. If you plan to do any contouring, do that as well to this side. (But take it slow - it's hard enough to do this on my full-sized lathe, and watch out for the blank shifting under the heavy cutting pressures - you may need to re-face the part after contouring.) Drill out the center hole undersize, then bore it to final size. (Or you could ream, but I tend to trust boring more to get dead-on straight and concentric - just make sure to allow for spring passes so that the bore is straight and not tapered.)
Remove the blank and put a scrap piece in the chuck. Turn a "spigot" on it to a nice sliding fit in the bore. With the finished face towards the chuck, secure the blank on the spigot using high-strength Loctite. Yeah, the blue stuff likely won't hold. Alternatively you could make an expanding mandrel, or tap for a screw to help hold the part. Let the Loctite thoroughly set up (overnight), then begin taking light cuts to clean up the rim, face, and if desired, contour.
Finally, remove the spigot and flywheel from the lathe and use a heat gun to heat it up until you can press the spigot out. Clean up with some scotch brite, and voila - a flywheel!