Thanks Jason. I thought that the key might have been spot-welded in (you can almost see the blobs at the top of the key), it could have been a bit of solder? Anyway, with a little persuasion it came out.
The lumps I was referring to were the items on the collar – they seem to be small magnets (that have attracted swarf!) rather than grub screws, for the speed detection presumably. The collar then slides off, not particularly easily but nothing is very precision on this machine!
Thanks very much for your help. I hope this helps others in the future faced with a similar disassembly.