On my 355 that i am building i have been interrupted by another setback. After installing the crank gear, i notice that the woodruff key that goes into the gear sticks out past the crank gear. If you look at the picture below, it would appear that I have the key that is for a 96/97. Im assuming it is a problem because it will prevent the hub from installing all the way, correct? What are my options?

FYI... The crank is an older GM forged crank that had the keys already installed

 

If you are using the stock hub, yes, you have a problem - the hub will not go all the way on.

1) get an aftermarket dampener that comes with a spacer. this will alleviate the issue.
2) remove the crank gear and replace the key with the correct one.
3) use a 96-97 hub? - I think you could do this.

 

Now that im looking at the key that is in there, its not cut back at all. Is there a way for me to easily cut it back so its flush with the gear? Or will that throw the balance off too much

 

It's easier to get the correct key and replace the one that's there. The effect on the balance will be negligible.