are you going to keep the old sprocket bolted to the new one? i would flip the old one rebolt, and trace the diameter of the old onto the new. unbolt and remove excess material from new. die grinding is about your best option. do you have an actual die grinder that runs on air? the dremel just doesn't have enough power to do it very quickly. if you have a spindle sander with like 40 grit, i would say try that. how much smaller is the new one's hole? will the key stock fit in the js sprocket? you may have to put a piece in the js, mark the edge of the shaft, and grind the key to fit your sprocket. the dremel will work for this. i used one of the cheesy cutting disc to do my fly's key. took ~3 mins. bump start will get old quick with that kind of compression. good luck finding a hard enough surface to get traction on. odd question, are you a lefty? i've never seen a bike with the throttle on the left side. a cheap twist throttle can be had from one of those mountain bikes that have the twist grip shifters. remove the ball stop, or leave it on for cruise control!