Welcome to the club! The engine you have looks like an excellent one for it's purpose. The mods you have made prove it has good potential. Unfortunately, it appears to be too well built to have good flying potential. It would be better to start with a chain saw engine. If you are determined to use this engine, cut off everything that doesn't look like an airplane engine. Do NOT lighten the crankshaft as this would make the engine out of balance and cause severe vibration. The magneto can be eliminated by using battery CDI, (check CH Ignitions website). Lots of luck and keep us posted on your results.