Nigel -
The benefit of a lightened fly-wheel on a stock motor would be minimal. As Angela so elequently explained about inertia, when you drive with a lightened flywheel, each time you lift-off or apply the gas while driving, you & your passengers experience a more exagerated feeling of lunging back & forth (kinda like riding with a person learning to use the clutch in a manual shift vehicle).
The ol' lightened fly-wheel trick on a stock engine is a slippery slope, because then you'll want to switch to solid transmission mounts, then bigger displacement, which will need bigger carbs, then trick transmission gearing...etc,etc,etc.
As our buddy 'Hoss' would say - that's my 2 kroner (whatever that is?).
Peace - Out!