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Just wondering, the flywheel is totally rusted. It looks like water was getting inside the cover from the wires. The little gommet where the wires pass through the case, the wire coating has pulled away from it, leting water in. Should I use Evaporust and clean it or let it be? I am a little afraid to remove the rust as I do not want to damage it(i.e. having the magnets come off). What do you guys think?

Evaporust or bead blast. Then throw some paint on it.

Slick Nick, you do not think Evaporust will "deglue" the magnets?

I had two rusted-up c model flywheels, what I did was brush naval jelly around the magnets, but not where the bonding was. I used a toothbrush and a small paint brush to work it in where I wanted it. No problems there. Afterwards, I sprayed the whole thing with a light coat of anti-rust spray primer (except for the crank taper area).