The keyway is more of an alignment tool then anything else, engine is kept in time from friction placed between the cog sprocket and crank snout via the balancer and crank bolt. The four Allen head bolts only bolt the balancer and cog sprocket together.
That keyway alone won't keep the engine in time as a member here has found that out the hard way.
You will need to find another method of transferring the power from the crank snout to the four bolts on the balancer.
Adding a larger keyway maybe?
The dirty route of cold welding the cog sprocket on?
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