All valid points RDTCU, but as they say, "nothing ventured, nothing gained" so I gave it a go anyway.
I started out by drilling the 8mm bolt holes in my new steel sprocket out to 16mm. You cant go any bigger without getting too close to the edge of the sprocket.

Then I bought some red polyurethane suspension bushes with an 8mm bore, and turned them down to 16.5mm diameter on the lathe.
Then I used a hacksaw to cut the spinning bush while still on the lathe to end up with two polyurethane cush dampers from each bush.
I fitted a damper into each 16mm hole,

inserted a stainless 8mm bolt with a large washer and bolted it all together.

I gave the sprocket and hub a thin coat of grease around the bolt holes. The question is, how tight to do up the nuts on the back of the sprocket bolts?
Too tight and the sprocket won't move on the hub, and too loose, well that doesn't bear thinking about! I used nyloc nuts so hopefully they won't undo.
I'm planning to shoot some close up video of the hub as I drop the clutch to see if the sprocket moves and how much. This should give me an idea of a correct torque setting for the bolts.
I've also made six 16mm x 5mm x 8mm aluminium spacers to fit in place of the polyurethane dampers if they crap themselves. These can be fitted one at a time without removing the wheel or sprocket.
It'll be interesting to see how they work out.