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I noticed that also. I looked it up and it is supposed to be a “Woodruff key” – half moon shaped. I agree that the key in the photo does not look correct. Interestingly, the keyway extends all the way to and through the end of the crankshaft which I suspect it is not supposed to do based on the shape of a Woodruff key. Did someone extend this slot and then put in an incorrect key??? If that is the case, will the “correct” key actually not work? My guess is that you are correct – clean it up, put in a new key (replacement timing cam has already been ordered) and it will work fine. Time will tell. frankr’s comment above notwithstanding, I thing the flywheel will be OK. Half the keyway appears intact. Besides, I couldn’t quickly find a replacement flywheel, although I didn’t search for long.