Gday Mark,
Found a few things on the net that might be of use to you.
A set of plans for a rusty type hammer like yours, that may help. FERRUM - Daniel Gentile - Mechanical Power Hammer Plans
And from the same guy, I found a discussion on Don Fogg's forum, that may interest you. If you do a search on power hammers on this site you will find a few pages other than this one. Building a power hammer - Bladesmith's Forum Board
Now I have not built a power hammer as yet, but plan too, so first let me say thanks for the great pics and discussion. I was thinking about your disk or crank question. Is using a heavier disk like a flywheel appropriate here?
Thank again,
Regards
Rusty_iron