I built this dyno a few years back, so I don't really remember 100% but the flywheel, if memory serves me correctly, was made from a piece of ground steel (same diameter as seen...was simply cut out of the piece) It was then bored for the main shaft that was machined for the bearings and then pressed into the flywheel. The complete assembly was then checked for trueness. I had this done by a professional machine shop that knew what it would be used for. The rest I built myself.
To the left lower side you can see the throttle handle hanging in the support that usually serves for airplane prop testing. The throttle is on a 3ft long cable that allows me to stand away from the engine on any side I want, depending on what I am testing. The pipe support is fully adjustable to match any pipe and engine position (dyno or airplane prop testing). When doing dyno pulls I stand from the angle seen in the pic with one hand on the brake (right side handle, secured to the stand) and throttle in other hand. Needless to say, I alway run this outdoors away from people or things that could be damaged in the event of a failure. I have been running this dyno since 2002. Have not gone to 20k very often. Zenoahs typically die down before that. I have done it though on some engines that were showing a "double hump". Regularly check everything including supports and bearings. I think the best way to keep safe is to use common sense and always "respect" the power you are dealing with. I work in the Natural gas industry, often having to deal with broken mains under high pressure and/or buildings filled with leaking gas...I am always a bit afraid even though fully trained to handle such situations. I have learned that "respecting" the powers you are dealing with is a good way to always be aware and cautious.
Dyno testing is very time consuming though and I don't really do much anymore.