Thanks all for offering your suggestions and experience. I got it tightened finally.
This vintage engine has a ringed piston and the aluminum appeared not to be of high silicon content. Also, because of the piston ring, the exhaust port has two little windows instead of one single opening like the modern ABC engines. This limited the size of wood I can use in the exhaust port. Futhermore, the rod looks weak to me. Because of all these concerns, I do not want to put a lot of stress on the engine by sticking a piece of wood in the exhaust port. I never tried a piston lock tool but I guess it would put a lot of stress on the crank pin, rod and wrist pin. Today's engines with beefy rods and crankpins may be able to take it but not this one.
Removing the piston and liner is one option but I tried not to remove a ringed piston if I can avoid it for fear of distorting the ring.
So I took on old leather belt and fashioned a strap wrench and got the cable nut tighten. I am sure protecting the flywheel with leather and then use a hose clamp or a channel lock to hold the flywheel would work as well.