Holmes,
First, you show the flywheel perpendicular to the bicycle tire. In reality, it has to be parallel to the bike tire to make contact and be able to turn the flywheel.
Second, you show the diameter of the bicycle tire as 2 1/2". A bicycle tire/wheel is more like 26" in diameter or having a radius of 13" inches. Unless the cutout is large, or the flywheel actually extends below the chassis, you will be hard-pressed (pun intended) to make contact with the flywheel and the bicycle tire.
Yours truly,
Dr. Watson (lol)