Thanks for the responses.
As a long-time wood turner I'm used to filling (made) grooves with an epoxy/metal powder mix using copper, brass and aluminium to simulate metal inlays and should have thought of this as probably the best solution. In my experience the metal powder needs to be as fine as possible else the polished finish can tend to look a little powdery and 'glittery' – and as Jason B says the epoxy needs to be as loaded as possible. I expect the cleaning up of the castings will give plenty of opportunity to produce fine powdered CI!
The beam flywheel is actually listed by Stuart at £38 + VAT + postage – money which could better be spent elsewhere, if I had it, I think.
A now deleted response pointed out that the flywheel on 'the real thing' would not have been polished anyway which, together with this post, has made me think rather more about the finishing of models in general – perhaps I'll bring this up in another thread.