Hi Duncan,
I would not give to much credit on this build, my reason as stated:
1:
Why would anyone start out with motor speed and reduce first output shaft to 1.8:1 ratio. Reason is to get torque that will produce less rpm's
Any motor that runs without any load is a lost, I bet this ac motor draws 200 +watts just to spin it. Already you have a loss that can't be recover

.
Friction is a small lost due to belts or chain, but it's still is a loss of energy

.
2:
The second shaft is just off the wall in mechanical work that has to turn the flywheel, a heavy flywheel in fact.
This is just crazy to think this will spin no problem with the drive motor, you have great drag and load to over come.
3:
This one is the big drain the generator and will draw lots of mechanical load.
1 hp = 745.699872 watts or most people say 746.
What does this mean?
Lets look at the generator speed to produce energy, the generator is a two pole field, this means at 50hz if needs 3000 rpms (50hz*60seconds), or 3600 rpm's for 60hz.
Most generators need 135% hp of mechanical work to create 1 electrical hp, this is due to friction, and rpm's without any load.
This generator will spin 3,146 in the graph, this can be calculated to need (5252/3146)=1.67 foot pounds of torque, but this is 100% efficient.
The real input of torque will be above 130% or 1.67*1.30=2.17 ft/lb of constant load.
4:
If you look at the basic math you can see that 1.3hp motor or 969.8 watts of electrical energy needs 2.17ft/lb to create 746W, but this is just part on the lost of energy.
The motor input verse the output of generator is 3146/1430=2.2 times the torque is needed if a pulley from motor to generator was connected, but it's not. Now added load due to friction is another problem that need to be over come.
The motor would need 2.17*2.2=4.77ft/lb now, you take 4.77*1430/5252=1.30 hp or 969.8 watts to produce 746 watts of output not adding friction lost to belts and pulley bearings.
The math says it won't work, even if you take the friction and bearings lost out

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Tom