Actually the Lakewood is a hydro-formed bellhousing not stamped That's why it's stronger than any spun item.
Considering the newer alloys as opposed to the 60's nodular iron stuff the chances of a flywheel explosion is pretty slim. The Lakewood came from this enviroment and has save many legs over the years. Heavy? Yes. Worth the extra 30lbs.? Well to me yes.
As far as tech goes any welding / cutting viods the SFI rating, so unless you use a bolt-on mount or the McLeod throw-out your not meeting requirements. You can always use the kevlar blanket if you wish.
I think your fairly safe with either and a modern flywheel / clutch... Certainly when compaired to a factory cast aluminum BH which was all you had before Lakewood came along.
Indexing should always be done as it's a matter of variances in both the BH and the block (especially if it's been line honed / rebuilt). You have no way of knowing if the centerline of the crank is where it should be.
To quote Mr Reagan "trust, but verify".
