I have any engine here with a bad crank like you describe. I installed the longest key i could and then installed a new basket pulley, i used plenty of loctite and tightened the heck out of the set screws in the basket pulley to ensure they wouldn't come loose. That engine mowed my grass for 4yrs with a 48" like that and never had an issue. It's not the ideal fix but it worked and it saved me from having to tear a great running engine apart.
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