Has been done a million times. There are tons of donor motors out there as well for the correct parts. If the flywheel has engagement teeth then you do not need the flywheel. As for an alternator? The original alternators put out very little current (around 4 amps) and that was well up in the RPM range to get that. Pretty much zero output at low RPM. Will be added cost with very little benefit on that engine. I start my 1960 V4-75hp for days and days with just the battery and no charging system. This is assuming you will get a group 24 battery. No reason not to.