More tinkering:

The first thing I need to do was remove the drive shaft adapter. As it is a CCWSE rotating crankshaft, the threads are standard: "Lefty-Loosy."
A screwdriver and curve-jawed pliers loosed it right away. See pic.

The next step was to remove the flywheel/magnet. I had a set of 3-jawed gear pullers that popped it right off. The little woodruf key got put in a jar with all of the other screws and small components that have a tendancy to go on a walk-about and never return. See pics.

I removed the shroud which also doubled as the magneto/spark holder. Three screws and off it came.

After shooting the gummed up parts with Outer's Crud Buster (for firearms) I blasted everything with CRC Mass Air Flow sensor cleaner. The CRC cleaner is safe for plastics and apparently rubber as well. Between the two the outside of the engine and all other parts removed are clean and oil-free.

The nice thing is the overall weight is now down to 3 lbs, 2.8 oz with the original muffler and the carb still intact.