A light flywheel is a great change to make on a hot rod or even a street car. I recall the Chevy 350 engine uses the same flywheel for a trailer towing truck as for the base model Nova or a High output Corvette, and everything in between (sorta true - always have exceptions). Flywheel weight only makes a difference when you are at idle, clutch disengaged, with a non smooth running engine. Remember anything hooked to the front of the crank is "flywheel" i/e your A/C compressor, your water pump, a big bumpy cam and stiff valve springs, etc so the rotational torque to drive all that mass easily exceeds the torque load presented by the flywheel. So if you cut the flywheel weight in half you still have a far larger load remaining to keep the engine running smoothly. Conserved energy to smooth out power pluses from the cylinders firing can be increased by slightly higher idle speed. Maybe go from 650 RPM to 800 RPM. Nobody thinks twice about going from a 10.4 inch clutch to an 11 inch HD unit. But the reality is the 11 inch clutch "adds in" about as much flywheel mass as a light flywheel "takes out". So lets all put in 11 inch clutches and talk about how slow we can go. NOT. Anyway, so now you are getting ready to start off from a light at 800 RPM. Your half second to one second more clutch slipping made the disc wear about 7 to 13 revolutions more than before. Yawn.
And anything hooked to the tires is also "flywheel load". Once the clutch is locked up the driveshaft, U-joints, gears, axle shafts, wheels and tires are all additional flywheel load resisting acceleration. So you have the HD larger diameter driveshaft, the posi carrier, big thick axles and most of all - you put on wide rally rims that weight 40 lbs vs. the OEM narrow ones that weigh 25lbs and big tires that are twice the weight of OEM tires. So you added 50 lbs of tire weight, 30 lbs of rim weight and 10 lbs of everything else weight and worry about cutting 15 lbs off the "flywheel". What ?? me worry ?? Seems I heard that somewhere before. Anyway, don't be afraid to lighten up the flywheel. Have some fun with it instead.
I personally run light flywheels on the street in my BMW M3, Corvette, and GTO with various sized engines from 3.0 liter to 7liters. I have installed them in race winning smaller displacement foreign cars. i/e 1310cc Mini Cooper and TR250 liter engines in TVR sports cars. I also lighten crankshafts as much as possible. All efforts have been very positive experiences and none created any negative issues. Except for the Mini Cooper. It had a hard time starting out of the grid uphill into turn 1 at Sonoma. But it was tuned to run from 5000 to 9000 RPM and had very little torque below 5000 RPM. On that car we had to try and qualify sorta back of the pack then jump the start so we could run past the pack on the flat grid / pit row into turn 1. But we always qualified near the front so the first lap was a bit rough on the button clutch...That car had a rotating weight reduction of more than 50% from stock while running heavy axles. Equivalent to maybe a 7-8 lb Chevy flywheel and 20 lb crank in your Nova. Radical.
Have some fun with it. You will notice the difference - then try some really light wheels.........