This is just my opinion, but I would go with the "clusterfuch" arrangement. The SHO parts you need are far from obsolete, but that is not the main issue.
The ultra high rpm of these engines means things are subjected to forces that exceed the norm, and welding the center of the flywheel would make me nervous.
There is a metallurgical issue and a "how well it is done physically" issue.
I have noticed you have done a lot of unusual things very successfully in the past, so you may have a lot of proof / advice on this being not very daring.
It is worth remembering that the flywheel is directly in front of you when you are in the drivers seat.
In the old days, when everyone had a stock car and a local circle track to perform on, we had a 6 cylinder 232 inch engine that was revved far beyond its design. Not being satisfied, we moved to a 300 inch engine which did not reach the revs of the small one, but came close. Only problem was, after every race we had to drop the tranny and housing and retighten the flywheel bolts. Every time, no matter what locktite or additives or swapped parts were employed.
May have nothing to do with your quest, but it illustrates what can happen that is a least partially unexplainable.
Just my opinion.