In addition, heavier flywheels take power to accelerate. This means that the car will accelerate more quickly with a lighter flywheel. To put an actual number on this, you need to do a moment of inertia calculation. Let's take a couple of examples, one with your 14 pound flywheel and one with your 40 pound flywheel.
First, you have to calculate the center of mass of the flywheel. For a disc like a flywheel, this is .707 multiplied by the radius. Let's assume the flywheel diameter is 13". Radius is 6.5", so the center of mass will be .707 * 6.5 = 4.59". We will need this in feet, so 4.59" is about 0.38 feet (4.59/12).
Next you have to calculate the Gs of the flywheel, which is just its weight divided by 32.2 ft/sec^2. For the 14 pound flywheel, this is .434 slug-feet, and for the 40 pound flywheel this is 1.242 slug-feet.
Now you can calculate the moment of inertia, which is just the weight in Gs multiplied by the center of mass radius squared. So, for the 14 pound flywheel, the moment of inertia is .434 * .38 * .38, or 0.0626. For the 40 pound flywheel, this calculation is 1.242 * .38 * .38 = 0.179
Finally, to determine how much torque it will take to accelerate each flywheel, we have to decide on an acceleration rate. Let's pick 1000 RPM per second to make it easy. We need to convert this acceleration rate into radians per second squared, so we need to divide by 60, then multiply by 2pi (6.28). So, 1000 RPM per second is the same as 104.6 radians per second squared.
Torque equals Moment of Inertia multiplied by Angular Acceleration. For the 14 pound flywheel, a torque of 104.6 * 0.0626, or 6.5 lb-ft, is required to accelerate the flywheel at 1000 RPM per second. For the 40 pound flywheel, a torque of 104.6 * 0.179, or 18.7 lb-ft, is required for the same acceleration rate.
The engine has to deliver this torque to the flywheel in order to accelerate the car, so that means that the 40 lb flywheel will result in a reduction of 12.2 lb-ft of torque going to the transmission input compared to the 14 lb flywheel.
The morale of the story is use a light flywheel if you can. A heavy flywheel will steal torque from the rest of the drivetrain.