Well, I took a good look at it, rotated the engine, used a straight edge, etc.
The shaft itself, it still round. It may be worn down in a few spots, but it's still relatively round. The keyed part is sloped at the very back, like the first "wear" picture, but I meant as far as the "extra" wear area. The one pictured is like a "gentle curve" where mine is rather abruptly cut off.
Looking at my picture, the area between the green lines look fine. Still the same diameter (or extremely, extremely close) as the rest of the shaft. However, the area between the red lines are worn. They are worn evenly, and that area is narrower than the rest of the shaft. MY guess, is because of the V-belt pulling on it. That doesn't add up, exactly, because if the shaft is spinning, the entire shaft should be worn down fairly evenly, not just that one side.
http://i283.photobucket.com/albums/kk282/1994LTCSS/Shacft.png
I'm not "scared" of replacing the crankshaft, but I've never torn down a small engine completely, and I don't have any special tools that would likely be needed to rebuild/overhaul the engine. I don't plan on cutting grass with it, so the only purpose the pulley needs to serve is for the starter to function to start the engine, and for the generator to charge the battery. If I decide to restore it, a rebuild will be pretty much required, but until then..