Clutch / Flywheel Requirements

[mtnxtreme]

Pulled my 79 454 from my 65 to do some work, the clutch as a wear item, I'm going replace, but the flywheel looks decent, I know they used to cut them / reface back in the day, is it worth it, does anyone still do it ? Also I see flywheels listed as internal and external balance, how do I know which to use ? And lastly, as just a street rod with a 454 stock bore, heads, large cam, with intake and headers, is it imperative a use a blow proof SFI style bell housing or will the stock aluminum unit suffice ?