You have to be careful about rotating weight, I've done lots of moment of inertia calculations on that and the results in most cases are not that big. Where you can really save on rotating weight is the wheels and tires, and the flywheel, those two items will have a big effect. The reason is that the inertia of the parts increases with the square of the radius, so the larger the diameter, the bigger the power gain (or loss) potential. An aluminum flywheel will pick you up a significant amount of HP over a steel flywheel. A lightweight wheel and tire combo will help even more. Cranks, rods, harmonic balancers, axles and driveshafts, not so much. Here's a post I did quite a while back, explaining this issue:
There's a recent message on the forum regarding using an aluminum flywheel versus a steel flywheel in a performance application. To quantify this you need to do a torque calculation using something called the moment of inertia of the flywheel. I thought it might be of general interest here to show this calculation, at least if you are an FE tech geek like me
For the purposes of an example, let's pretend that we have a choice of two flywheels, a 15 pound aluminum flywheel or a 40 pound steel flywheel. The 40 pound flywheel has more inertia, and will be harder to accelerate than the 15 pound flywheel. How much more torque will it take to accelerate the 40 pound flywheel at 1000 RPM per second than the 15 pound flywheel?
First, we have to calculate the center of mass of the flywheels. This is the imaginary ring, some distance from the center of each flywheel, where if all the weight of the flywheel was concentrated it would behave the same under acceleration as the flywheel itself. The easiest way to do that is to find the imaginary ring where half the flywheel's weight is outside the ring, and half is inside the ring. If we approximate the flywheel as a simple disc 13" in diameter, the diameter of the imaginary ring is 0.707 X 13", or 9.19". We actually will need the radius of this ring, which is 4.595".
Next we have to calculate the moment of inertia of each flywheel, but we need to get the values into a form that we can use. In English units, this means that we will calculate the moment of inertia in slug-feet. In order to do this, we have to convert the radius of our imaginary ring to feet, which is 4.595/12, or 0.383 feet. We also have to calculate the mass of the flywheels, by dividing their weight in pounds by the acceleration due to gravity, 32.2 feet per second per second. For the aluminum flywheel, this is 15/32.2, or 0.466, and for the steel flywheel this is 40/32.2, or 1.242. Moment of inertia is the mass times the radius of the ring squared:
Moment of inertia of aluminum flywheel = 0.466 X 0.383 X 0.383 = 0.068
Moment of inertial of the steel flywheel = 1.242 X 0.383 X 0.383 = 0.182
To calculate the torque required, we have to multiply the acceleration rate by the moment of inertia. We need the acceleration rate in radians per second per second, but we have it in rotations per minute per second. To convert one rotation to radians, multiply by 6.28, and to convert minutes to seconds, divide by 60. So, 1000 RPM (Rotations per minute) per second = (1000 X 6.28)/60, or 104.66 radians per second per second.
Torque required to accelerate the 15 pound aluminum flywheel at 1000 RPM per second is 0.068 X 104.66 = 7.12 lb-ft of torque.
Torque required to accelerate the 40 pound steel flywheel at 1000 RPM per second is 0.182 X 104.66 = 19.05 lb-ft of torque.
So, if you switch out the 15 pound aluminum flywheel in your 428CJ Mustang and replace it with a 40 pound steel flywheel, as you accelerate in third gear at 1000 RPM per second, you have lost about 12 lb-ft of torque all along the acceleration curve. In terms of horsepower, at 3000 RPM this is a 6.85 HP loss, and at 7000 RPM it is a 16 HP loss.
This calculation can be applied to any part of the rotational drive components of the vehicle, including the driveshaft, axles, transmission components, wheels and tires, and of course the reciprocating assembly. For anything other than a round disc, the center of mass portion of the calculation is more complex, but an estimate can be made in most cases.
Hope this is of some general interest