If you intend to do this regularly, I recommend steel or aluminum with a steel friction face which will rev up a bit faster like a big motorcycle. As for safe speeds, an OEM cast iron flywheel is probably 43+ years old so its hard to say categorically if its safe to use at any rpm- especially by long distance guess.
Once you get above 6000 rpms, most of the rotating parts- crank, rods, pistons, balancer etc are suspect. A brand new 1971 Pantera engine would attain about 5900 rpms in 5th gear (around 160 mph) thanks to its cam, lifters & valve springs.
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