Your first problem is the rust on the crankshaft nose. Start with a wire brush and remove as much as possible. The put a piece of emery cloth ( 220 grit or finer ) on a flat file and while following the contour, remove the rust. ( the file is to keep the emery cloth flat and the square endge of the file will allow you to get close to the pulley ).
Since you ordered a 4-1/2" grinder with cutoff wheels, first safety tips. Eye and ear protection. The sparks are hot and will burn into your eyes.
Put the side handle on the grinder. If you can use the wheel guard, keep it in place. Use full leather gloves while grinding ( cloth back gloves will catch on fire --been there, done that ). A leather welding apron would be a plus too, other wise a couple of heavy shirts you don't mind burning up from sparks ( in case of grinder kick back ). If possible, try to hold the grinder in both hands with your elbows against your body. You want to make a precision cut, not hack the shit out of it.
Looking at the picture, here's the way I'd do it. Rotate the engine until the keyway is up at 12:00. Put a couple wraps of duct tape on the front of the crankshaft nose.
Very lightly and as accurately as you can, lightly score a line across from 10:00 to 2:00 getting as close to the crank as possible without touching the duct tape. Since you are going lightly, adjust the "line" up or down. You want to cut across the keyway. This will allow to get closer to the crankshaft with less chance of actually grinding it.
If you like your line, press a little harder and go back and forth a few times. KEEP CHECKING YOUR WORK.
If you see smoke coming off the duct tape, stop for bit to let it cool down. If you smoke the tape too much, that means you are transfering heat into the crankshaft and will be altering the temper ( making it softer and easier to bendand or wear )
If all goes well, you will sever the gear and the exposed keyway will give enough room to get the rest of it off the crankshaft.
Good luck
Jeff
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