Completely unskilled, so yep go ahead and attempt to build a whole bike from one that doesn't even run. That'll be no problem. At least you are having fun, and by god that's what's important.
Do you have at least $500 budgeted to even begin doing things the right way?
The owner specifically told you that the flywheel contacts the stator when in motion and your answer is to just see if it will run anyway? If it hits the stator coil in one spot and spins true, you may get lucky. If what he is saying is that your flywheel is wobbling, causing it to contact several areas of the stator, then you have a big problem.
I will assume the non response means no, you didn't ride it in stock form. Judging by the output shaft, nobody had ridden that bike in a while.
Yes I am being an asshole, but I can already see where this is going so I'm trying to get through to you before it goes there.
Have a buddy kick the motor over while you watch the flywheel. If it doesn't spin true let us know.