Lighter the flywheel the faster the revs but less torque when under load and can cause undue vibrations.
I went with a knife edged crank and a lightened flywheel and have since gone back to a standard flywheel weight due to vibrations from the engine which is computer balanced.
Never tried an alloy flywheel but I guess it would have the same effects.
We're running an alloy flywheel - the only downside for us so far is the revs hunt alot when its cold, but it takes off ok - seems to be ok so far. She revs up quick!!!
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Green Sally up. Green Sally down. Lift and squat, gonna tear the ground.