I agree with Scotty that it needs to be balanced. A competent person on-site needs to supervise the job to ensure safety.
With that said, if the piece is uniform, and you perform a runout test after installation (radial/rim runout for concentricity and axial/rim runout for wobble), then there is some degree of expectation that the piece is balanced although not foolproof (it were a cast piece then there could be internal voids... doesn't seem very likely with a flywheeel probably steel, but you never know).
Also you can do a qualitative static balance on an arbor or when installed onto the machine shaft in bearings. Position the flywheeel at a few different positions and it should always tend to move to a position with a certain side down. How fast is drops depends on magnitude of the unbalance and the friction of the bearings. You could in theory calibrate your test by attaching a known unbalance and seeing how fast that goes to the bottom. If your machine rotates much slower without the known unbalance, than the residual unbalnace is much lower.
The type of balance uncovered in the above type test is known as static unbalance. There can also be couple unbalance, but not very likely if you have a high D/L such as a flywheel, and you have good face runout.
Above is just some thought process and checks that can be considered, but in the end it's better not to take shortcuts when the stakes are high. Comments such as mine from an anonymous internet guy far away are no substitute for a competent person on-site to specify the tests and perform the necessary tests.
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