I have done more of these magnets than I like to remember. PLEASE FOLLOW THIS. On the magnet, one side has very small dots on it. When you put things together, be sure the dots face skyward away from the motor. Magnet rings are cheap. Buy a few. You may not regret that you did. I buy these rings 12 at a time.
Marty,
The new magnets don't have "very small dots" on one side. They now come with a scarlet/burgundy colored mark. This also is the non-magnetized side so I am assuming this is the side that faces away from the sensor with the magnetized side facing the sensor.
I plan on cutting up an aluminum soda can to make the very narrow shims to hold it in place while the glue drys.
P.S. Since the flywheel is drilled and tapped in two places directly opposite of each other it seems as though this would create a slightly un-balanced condition if only one set screw is used.
Thanks for everybody's input.