At 16 you're in a perfect position to get on the path toward learning machining.
There's been a CNC revolution in metalworking in the last decade or so that's made the traditional lathe, mill, precision grind, and all time honored techniques and skills out of date.
You go learn the stuff they're doing now and you'll be able to do things that were near impossible expensive for any of us that could think of them.
Right now all you need is an idea for that flywheel, say, and the ability to render it in a machine friendly program. Then the machines they're using can spit out your idea in a few hours. Perfectly machined and complex as you like. Imagine working in a place where you could grab a little free machine time when you had a project of your own. Or maybe when you're a few years older used machines will be available for low prices. (some of the stuff they're using now costs upward of a quarter million new)
EDM (electro displacement machining - like a tiny lazer controlled cutting torch) is only one of the processes and new ones are coming all the time. for an old world machinist/hobbyist like me it's plumb amazing and if I had it to do again I'd be making ways to get to engineering and computer aided machining as a career choice so that when I had things to mess around with like this one I'd know to do it myself without having to go to other people with my hat in my hand hoping for help.
Great project, bjowett! A 6 speed low geared 80 - lemme' know when you're bored with it!