Howard,
Have you thought about using a load cell / strain gauge in conjunction with a flywheel to directly measure torque? This way you dont need a high accuracy to calculate the flywheels second moment of inertia and also no need to accurately time its acceleration.
All you'd need is a load cell (lever mounted off motor housing) and a hall effect sensor on the flywheel to obtain rpm. With a simple 2 channel logger, you can easily obtain torque, rpm = power.
Maybe use an extra 2 channels to log amperage and voltage to obtain electric power, so you can use that to calculate mechanical efficiency at any given rpm.
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http://www.ebay.com.au/itm/YZC-191-W...3D301706904557
http://www.ebay.com.au/itm/2-2-lbs-1...ro_PfdDOXo7Atw