There we go. Aluminum flywheels will go BOOM very fast. Cast iron? A few RPMs after. Get a billet to be on the safe side. Billet is not melted and molded, but cut into shape from a solid block of aluminum. Look for ARC or Clements flywheels.
3HP flywheels are cast iron too. Many people sell these on eBay.
I'd get a cheap performance cam, stainless steel valves, dual valve springs, custom keepers and retainers, hardened billet lifters, tru seal head gasket, 4HP high compression head, billet flywheel, billet connecting rod, ect...
Check out jr.dragster's 5HP. Decked to the maximum, and a monster. (Monster is a understatement)