Since the flywheel is attached to the crankshaft, you will want to brace the engine from the front(a socket wrench on the crank nut wedged against a cross member will do, or the crank tool). If your timing end is undone careful that you cams are aligned so that all the valves are up. You need to brace the crank only if using a wrench break the bolts loose. If your using an air impact wrench to break the bolts, bracing the engine will likely not be necessary. I don't have an opinion on whether the bolts should be inserted back into the hole they came from but I don't think it makes a difference.
I had to rock my flywheel a bit to get it off but not enough to use a puller. It was snug but not seized or corroded. But I would recommend against hitting the flywheel with anything if possible. Maybe a few taps from a rubber mallet. Careful of the starter ring, it's pressed on. Under no circumstances should you ever attempt to pry one off. That and the crank are two parts you would not want to warp.
Another tip, do not use compressed air to clean the flywheel, clutch or any assembly inside the transmission bell without breathing apparatus or in a confined space. Asbestos dust, need I say more. Use brake parts cleaner instead.
(OPTIONAL) Don't forget while you have the flywheel off you have an opportunity to see the rear main seal. If you choose to change it, it is installed in a plate the bolts onto the back of the block. The plate houses the seal. The plate has it's own paper gasket. I believe the seal is inserted from the inside, then the plate bolted back on.
As far as they flywheel, nothing to it. Remove the bolts, pull it off. Try not to ding it up if your reusing it. If your reusing it, look it over to see what condition its in, check the surface for scoring, look for stress cracks. You are recommended to take the opportunity to have it turned(like a brake rotor). If using an upgraded aftermarket clutch, having the flywheel turned and cut to the proper step(as recommended by the clutch maker) is required for warranty I believe. A quick search should reveal the common step normally used for different clutches(ACT, CF, Exedy, etc).
An alternative is to simply buy a replacement stock(what I did) or aftermarket flywheel. Stock re-manufactured flywheels are not expensive. They are pre-cut to the factory spec. Flywheels will usually last quite a while depending on how many times they are turned(cut). Eventually they get to a depth limit. I imagine how many clutch changes, types of clutches, and how much abuse play a big role in flywheel longevity. The more power your making, and the way you launch are they key to how long a given flywheel will last. I imagine a stock car, stock clutch, stock change intervals, they flywheel would last the life of the block. Higher HP, more wear, more scrutiny, less room for error.
An opinion from some of the big HP makers on the board would be welcomed on this topic. The are threads on this, but as all things, makes, manufacturers, and recommended combinations change.
When you put the flywheel back on. Apply a little threadlocker(red) to the bolts as you put them in. Tighten by hand. Then, tighten bolts opposite one another in two or three stages(evenly) with a torque wrench. Step the torque up in one or two steps always tightening across. Then torque to the factory specified torque. The idea is even torque on the opposite bolts.
The technique in tightening and torque are important when you consider the amount of energy that will be imparted, stored, and exchanged with the clutch in the mass of this part. If not torqued properly and something goes wrong, they don't call it a "FLY" wheel for nothing.
The short answer is, its a simple part to replace. But treat it no less importantly than the rest of the job.
Stephen Firestone
1992 Galant VR-4 #918 of 1000