What all the problems of mig welding on an aftermarket steel, not cast, flywheel? Hardening, brittleness? Kinda doubt it would warp, but.. Submerged welding process would be better I guess.
Welding on a flywheel? Well, first off I think you would have to know EXACTLY what steel grade you have. There are many versions of "steel". Secondly, all welding processes introduce stresses into the base metal. When a liquid metal solidifies it shrinks, thus the stresses. So IF you were able to identify the base metal AND you were able to get an applicable welding procedure, I would think you would have to stress relieve the flywheel after welding. And then contend with potential distortion.
PS, there is nothing magic about the sub arc process.