when I did the T-5 conversion in my 67 cougar I needed a 157 tooth 28 imballance flywheel which are hard to come by cheap. All I had kicking around were the 167 (I think that is the tooth count someone correct me if I am right) 28 imbalance, so I took an old junk crank, cut the flywheel end off, chucked it up in my lathe, and turned it down to fit the 157 tooth ring gear. I also lighented it a bit.
As stated above I would not do this in a car makeing power (My old 289 maybe makes 150RWHP). But it was a good low buck thing to do if your broke like I was (that whole college thing) and you know what you are doing.