Yes, the best way is the use of a machine designed for the work, likely in a shop that does automotive work; when I started my machine shop in 1973, there was not such a machine in town, so I got lots of flywheels to resurface, at first, I did them in the lathe with carbide tools; most grades of carbide are not hard enough to do the job on flywheels with hard spots caused by overheating from slippage, and common on truck and tractor flywheels; for this I reserved one tool that also had an extra long shank so that recessed flywheels could be handled, it had a Kennametal K6 bit silver soldered on its end.
After that, I bought a used flywheel grinder made by Van Norman; it used a disc type wheel normally, but could also use a cup wheel for recessed flywheels, and also was equipped with a tool bit for roughing.
Back to using carbide tools for resurfacing flywheels in the lathe, I mentioned it being necessary to use very hard grades of carbide with respect to hard spots; when using softer grades, the tool would cut through the hard spot, but leave a raised shiny spot that could be felt with the fingers and seen easily and detected by dial indicator; the K6 tool would cut the same spots without leaving a raised area.
Finally the automotive shop in town bought a flywheel grinder and that part of my business evaporated, except for big tractor flywheels and I sold the machine that I had.