Brent:
I agree with Steve that using positioning collars is a viable alternative to Lakewoods offset pins, but it is my understanding that if you do ANY welding to the Lakewood it will void the SFI certification. In the event that you experience a clutch or flywheel explosion and it didn't hold, you may have no recourse. Perhaps more enlightened folks on this forum can comment.
Finding mainshaft concentricity is not one of the more pleasant tasks of these projects, but as Steve said, the closer to zero you can get the better. I have actually heard that .003 or better is desirable to eliminate problems.
Good Luck!
Bud