One of the suppliers makes an advance plate for the Homies, that allows you to remount the coil advanced. They did state rpm gains by advancing the stock ignition. Sorry, I can't remember who marketed that now.

The keyway really only properly locates the flywheel, and has nothing to do with holding the flywheel on. You can take the key out and mount the flywheel, but I would smear a thin layer of loctite on the crank mating surface. If you do so however, you might need a little heat from a propane torch to get the flywheel off later.

Good luck,
AV8TOR