Tom when I used to work at the LHS every Sirio box had a collet in it. It is nothing different just a unique I.D.. I am hoping that the motor you have was not obsconded of it's collet!
There should be a spacer that goes on between the block and flywheel. It's identical to those used on plane engines behing the props. It looks like the cone-shaped collet is missing also. Most of these parts are interchangable. My Fantoms and other motors are pretty much like this and I would assume that the unthreaded part of the crank has a flat spot on it.
That tapered cone. Kinda helps flywheel stay on and tight when you tighten nut at end. I would see about getting a cone to fit that engine. I beleive tower carries them.
Tom, if you have a problem with the flywheel hitting the carb, some can be put on backwards so that the taper and groove are closer to the carb. A flywheel from a ProBoat Miss Bud is smaller in diameter for more clearance.
If you don't have a lathe like me, I mounted the flywheel with a nut and bolt to a drill and held it to a flat file to grind it down.
I've been using the spacers on all of my .12 motors. This will help ensure that the flywheel won't be too close to the carb and/or block. I do have a vintage Octura flywheel on a modded Webra .11 that I got from Gary Preusse about 2 weeks ago. See the posting on the Fantom .12 also for more help.