Thanks for the response.
Haven't looked yet to see if its stranded wire, but what if it isn't? Will I have ruined the existing mag? As far as the key goes, I just removed it and will now cinch the flywheel at the position needed. Have been told that it won't move when tightened since its on a tapered shaft. Still don't know where to put it though - because I don't know what point to pick considering the three magnets on the wheel. Any good advise on that one?

Sides7