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The crank pulley also has the timing belt running on it, behind the fan belt - has the effect of retarding the timing when you put your foot down :)

I did the dodgy cheap thing, filled it with the best metal quickset putty stuff I could find, and filed it to suit.
Worked well for about 6 weeks of hard thrashing, then started to slip back to what...

The front pulley flogged the keyway out of the crank on mine, made it real slow to get moving.
Once she was going, it was great.