Aw, man!!! I sure wanted to make a joke about your math!!!
I start with the clutch ring clamped from the inside in my 12" 3-jaw set-true chuck, then I cut the inside until the ring gear flange measures a bit over 1/2". After it's roughed out I dial in the pilot bearing hole to as close to zero as I can get--usually well under 0.0005"--and the wobble as measured at the ring gear flange down to a couple thou or better if possible--it isn't always. Then finish the inside to a flange measurement of 1/2". Be sure to leave a radius in the corner. I like to take a minimum clean-up cut across to the boss around the crank flange. Then I take an ABSOLUTE minimum clean-up cut across the bottom of the crank pocket (being VERY careful not to touch the ID of the pocket) and a minimum cut off the face of the ring gear flange. I'm happiest when my cut on the bottom of the crank flange pocket just barely scrapes off the rust and leaves the original machining marks.
Then I flip the flywheel, grab it from the engine side, and cut off the ring down to just shy of the friction surface. This assumes you are converting to a V-8 clutch--if not, leave the ring. Then dial in the pilot bore, and the fresh cut on the ring gear flange to take the wobble out. Finish cutting the ring down to the friction surface if converting. Then I like to take a clean-up cut on all other accessible surfaces. Don't apply too much clamping pressure or the bell of the flywheel will start going triangular, or square if you're using a four-jaw. I bring in the big bull-nose center in the tailstock so I don't have to clamp so hard.
I've not done one as heavy as 53 lbs. You might want to stop on the first setup when the flange thickness is maybe 3/4" and weigh it,then go from there. If you're taking off the ring for a V-8 clutch, maybe stop at 1" and shoot for about 59 lbs. The ring seems to be about 5-6 lbs. You can always get some more off the OD after you take the ring off.
I prefer to take most of the weight off the ID. I'm not sure why, except that my gut tells me it makes for a better flywheel than taking it all off the OD.
Joe