I used a 1951 216 flywheel on my ‘61 261 without any issues. Just make sure you use the correct starter for that flywheel. I’m sure you can find a used 216 flywheel or early 235. Maybe someone knows the year they changed the teeth number so you can find one below that year.
Chris
I think this is the direction I am headed. I posted an ad for a 42-53 flywheel in the parts wanted section just now. I have a good 6v starter for a 139 tooth flywheel. I was told it was good at least lol. I have the 40 flywheel but If I can pick one up reasonably, I can keep the 40 as a backup down the road.
Do you remember if your center bore of your flywheel had a gap around the crankshaft flange? I had read somewhere that the earlier flywheels had a slightly larger inner bore. Where as the 42-53 center bores were slightly smaller (IE fit snug around the crankshaft flange.)