you can simulate with flexible body simulations.Multy body dynamics analysis software i.e DADS (dynamic analysis and design systems) can handle this type of problems.
you can contact me for further information about flexible body simulations.
Is your problem that you are trying to model it via an axisymetric 2D model and the zero radius causes problems? If so, model it as a solid shaft with a very small hole running down the center.
What software are you using? NISA has nice angular acceleration/velocity DOF. All that you have to give are the geometry, mass properties (moment of inertia in this case) and forces (angular velocity/acceleration).
