That is much too smal to be the key. It may me one of the pickups though. I bought one for $250 that had one of the pick ups come loose. it was jammed in there pretty tight and would not let the crank turn a full revolution. When you open it check to see if the woodruff key has been shearded off mine was.
![flywheel2.jpg](/proxy.php?image=http%3A%2F%2Fi1135.photobucket.com%2Falbums%2Fm640%2Fbummer981%2Fflywheel2.jpg&hash=5d493c28beedb3f56db9d8b7696780f0)
![flywheel1.jpg](/proxy.php?image=http%3A%2F%2Fi1135.photobucket.com%2Falbums%2Fm640%2Fbummer981%2Fflywheel1.jpg&hash=454549406f4211aad97f757b832ea967)