It makes a god awful noise doesn't it? Youd swear that there was something broken.

Toss away the old bolts, get some 12.9 tensile bolts or capscrews.
run a tap through the holes in the crankshaft, to remove any old locktite etc.
Blow it out with compressed air.
Spray locktite primer solvent into the holes, and get all grease etc out.
Check the inside of your flywheel. All that flapping around damages the mating face. It would pay to have it trued up in a lathe. (If this happens too often, the end of the crank frets, and it never really fits as snug again.
Follow the locktite directions to the letter.
Them get it dyno'd!!!!

FERAL,
By dowling, do you mean drilling three holes (evenly spaced for balancing) through the flywheel, and into the crank, and driving in some roll pins?