It won't do any harm provided its well oiled and you use some form of flexible coupling or belt.
The only problem with this approach is that all the forces are acting in the opposite direction as you are pulling the flywheel round rather than it being pushed by the piston.
I'd just link it upto the compressor, squirt some oil into the valve chest and give it a gentle run then check it over and repeat a few times making any adjustments to bearings and listening for knocks. You will get a black oil come out of the exhaust for a while
Edited By JasonB on 16/05/2013 18:29:46