Hi Nab, I was that man

The bis flywheel weighs somewhere around 13/14KG and we managed to trim just short of 4.75KG off the back, What i didn't know at the time is that the bis crankshaft is balanced from the front pulley to the flywheel, I installed the lightened flywheel a week before the big Retro Rides Gathering, When i started the car up after fitting it i could feel the vibration on tickover but it was too late to to put the old one back, even though it was out of balance you can feel the difference especially the acceleration 0 to 50 MPH, also the engine revved up quicker.
Needless to say the following weekend on the motorway going down to the show the excessive vibration broke the alternator bracket then the bottom bolt and finally the alternator dropped off and came to rest between the engine, back-panel and radiator.
So yes you can lighten the flywheel but you need someone with the knowledge and equipment to balance the crankshaft/front pulley/and flywheel which are reciprocal forces But then you have to take into account the weight and linear/horizontal forces of the pistons and connecting rods on the Bis Engine.
The aircooled are easier to set up