Unless you're equipped to pull the flywheel, you'll probably be better off just picking up a motor with the encoder and magnet, they go for around $26-32, depending on the specific model. The magnet and replacement flywheel for fixing the magnet goes for around $12 for the set as I recall. Without a wheel puller that is sized for the job, it's pretty difficult to convince the old flywheel to come off.
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