Derrick you are right , it is the taper that hold the flywheel in place.
The purpose of the key is to position the flywheel for the timing.
When you have a battery ignition system as in this case it is the timing marks that is important and the purpose of the key.
When you have a magneto or a magneto CD ignition system you have points,magnets, triggers that need to be in right position relative to the flywheel too.
Then it is important to lap the wheel/taper before you tight the flywheel nut when you have pulled the flywheel off.
The surfaces need to be as smooth and clean as possible and then tighten the nut to right spec. torque.
The purpose of the key is to position the flywheel for the timing.
When you have a battery ignition system as in this case it is the timing marks that is important and the purpose of the key.
When you have a magneto or a magneto CD ignition system you have points,magnets, triggers that need to be in right position relative to the flywheel too.
Then it is important to lap the wheel/taper before you tight the flywheel nut when you have pulled the flywheel off.
The surfaces need to be as smooth and clean as possible and then tighten the nut to right spec. torque.