I would be careful about cutting the cast key on the Husqvarna flywheels. The way Husky makes them is fast and cheap to cast the key into the flywheel, to properly do it would be to cut a key way in the flywheel and a key way in the crank shaft and secure them with a steel key. At the GTG someone mentioned the aluminum key built into the flywheel can sheer off and then you're screwed. I have suggested that if you ever have your flywheel off to put a punch on the backside where the key is so if it ever does sheer off you can cut a new key way where it needs to be. Without some kind of mark you really are just guessing. But at least you can buy used flywheels for cheap on eBay.
I have access to key stock at work. I make lots of key ways and keys on shafts. If I were to do an adjustable key, I'd have a 3/16" key way in the crank shaft, and a 1/16" key way in the flywheel. I'd use 3/16" steel key stock that would fit the crank keyway, and machine the top half of the key on a mill to be 1/16" wide for the flywheel keyway. I'd make a couple, one with the top half on the left side, one centered, one of the right side. I'd play with it a bit to figure out how much advancing I can get to improve performance. I don't know that I would ever mess with changing the timing once I set it to where I want it. As has been mentioned, the coil advances timing anyway (all saws, not just Stihl), the key just affects the range of auto adjustment.