I read this a while back when people were talking about torque loss with a lightened set up and found it interesting.
http://www.ca-int.co...ghtFlywheel.pdf
You won't loose or gain torque or HP with a lighter flywheel, the HP and torques are made in the cylinders and everything else after that takes something from all the power that is made.
The Flywheel stores energy, but it has to sap energy, from what's made in the cylinders, that can be stored.