Most OE flywheels are cast iron. They only require resurfacing when they have been burnt or gouged. Burning causes hard spots which are difficult to remove with a lathe unless you have a toolpost grinder. Usually it is done on a machine specifically designed for surfaceing flywheels. It is done by spinning the flywheel and running a grinding wheel over.
I am afraid I am not familiar with the "raised ring" on the 248, but I hope my comment gets you started.
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