if you're putting a new clutch pack in, then the old clutch disks that slip over the hub can be used to make a very cheap/good clutch holding tool.
stack the disks on the hub and weld them together (the disks to each other, not the disks to the hub). then weld a long (2 foot or so) metal handle to the stack of disks. something beefie but not outrageous.
when tightenning to 150 ft/lbs, leave the tool on the hub, allowing the handle to touch the ground in the direction of rotation. make sure the bike's secure so you don't tip it when applying torque.
or... use a shorter handle and let it come to rest against the rearsets when applying torque, but i prefer the lever against ground idea.
use a torque-wrench IF it's a good one AND has an accurate torque setting.
EDIT!!!
i'm such a putz... yeah, this post was for tightenning a CLUTCH nut... for the flywheel, shift the bike into the highest gear and have a friend apply the rear brake.
if not available, slide a 2x4 through the rear wheel so that it comes to lock against the swingarm when applying torque. bike of course should be on a stand and red ("permanent") locktite should be used.