Ted,
You can do just as you mentioned and not worry about dowel pins.
Myself , after having had, flywheel retention problems, would recommend getting the proper flywheel and dowels.
There is one on ebay, and reasonable. search for 292 chevy flywheel. It is a buy it now and comes with dowels and strengthening collar.
http://cgi.ebay.com/ebaymotors/New-Chevr...sQ5fAccessories
