Back to the basics:
It's impossible to create energy as it is impossible to destroy it, all you can do is change its state.
Explain how a flywheel converts any energy and if so what does it convert it to?
Something light will take less time to react to a change in force, something heavy takes longer, you will accelerate quicker, but your top speed will be exactly the same, minus the flywheels one way of loosing energy: drag of it spinning through the air, which lets face it, is **** all.
If you're being picky, the crank which its bolted to has bearings, and the more weight that there subjected to the more friction you have and the bigger the loss of energy though heat is, again absolutely **** all.
The process of lightening a flywheel doesn't 'free up' any hp, it doesn't allow any more power at the propshaft, because other than the loss of air friction, the flywheel doesn't consume ANY power AT ALL.
So how on this planet to you expect to gain any power from lightening a part which doesn't consume or convert any energy to heat, or sound, vibration or any other form, other than a negligible amount of friction????