I'm still working on my new wheel. Yesterday I spent about 2 hours hand sanding the outside edges of both the wheel head and the flywheel. I'm actually not done with the sanding and I'm hoping that I only have another hour at it. I'm using fine grit sandpaper now to eliminate any remnants of the bandsaw. It is also really making the wood grain pop out and man is it smooth.
Both the flywheel and the wheel head have been tapered, or "shaped" to change the profile. Not neccessary but I thought it added a lot to the wheel as a whole. The name of the machine used to make the tapers is called a "shaper." Basically it is an oversized upside down router.
I'm still waiting for a friend of mine to give me some 2-inch diameter dowel rods. I am going to use these as the supports between the wheel head and the flywheel. When I get the dowels, we won't need the bucket and I'll post a photo when the next step is complete. Once I complete the wheel I'll post a complete materials list and the final dimensions.