hi Matt,
If you want to loosen the nut, you have to block the crankshaft from movement. if you decide to block the crankshaft by your way, you have to watch out that the piece of wood is long enough to keep the piston at the lower dead point.
Another way to block the crankshaft, which i prefer,is to screw in the crankshaft blocking bolt on the front of the casing. You will find the blocking bolt on the top of the casing, its the bolt that keeps the spark-cable on his place. When you unscrewed the bolt, you have to screw it in at the front side of the casing at the left side, where normaly the fueltank is assembled.
when this is done, you can loosen the nut.
good luck.
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Groeten,
Hans