Also, since a lightened flywheel has less weight, there will be less centrifugal force. thus, the eingine speed will slow your car down faster when you let off the throttle.
Actually you will get more HP in a sense with a lighter flywheel. I once heard that for every 12lbs of reduced weight off of the crank you will gain 1 hp.
The engine its self is not making any more Hp but by lightening the flywheel it requires less hp to keep the engine spinning.
If you think of the engine as a black box with a shaft coming out of it then you can think of the lighter flywheel as an increase of HP. Its kind of the same thing as having your air conditioning on except its not as big of a load.
The down side is that a lighter flywheel could make the engine vibrate more than normal.
Good luck man, let us know if you decide to do it.