Thanks all for the replays re the electrolysis. I checked the cylinder today and there doesn't appear to be any damage. My bath runs off a 12v battery that is charged by a couple of solar panels on my shed. I don't have a multimeter so I can't tell what the current draw is but judging by the small amount of bubbling in the bath I would say it's fairly low. There was much more activity when I had the reel in the bath.
Thanks also for the tip on coating the flywheel. I'll see how it goes and if it just needs a quick polish every now and then I'll go with that.