Interesting thread. My pal Jerry and I used to drive the fire and logging roads of Northern California in his A coupe before either of us had a drivers license. That stock flywheel was great for doing 3, 4, 5 mph over ruts and all. That coupe even had a 4 speed transmission. Man, we could idle over those ruts.
50 years later I could not drive my speedster with a lightened flywheel on those kinds of roads, but I do like it on FAST hill climbs.
I doubt that in ordinary driving anyone but an experienced driver could tell the difference between a lightened and regular flywheel.
High school physics, as ArtDeco noted, and experience confirms, that you will "store" more energy in a heavy flywheel and that will make a difference in the rpm drop, or rise, between a 15 and a 20 mph shift point, but you will hardly notice it. Except that is one of the reasons you do not need to double clutch to shift up but do to shift down.
Shifting early, not often, at low rpm, is permissible, even desirable, in an A not so much because of flywheel weight, but because the stock camshaft profile produces low end torque and a high volumetric efficiency at low rpm, and that has little to do with flywheel weight except that it maintains rpm at the shift point, whatever it might be. You cannot efficiently shift to 2nd at 10 mph with a so called touring cam, no matter what the flywheel weight. Nor can you idle comfortably to 400 rpm with a 35 lb flywheel.
Whether a lightened flywheel is "overrated" depends on your use. If you drive steady speed, or ordinary tour and club driving at whatever speed, the stock flywheel is fine, no matter what speed equipment you have.
If you want to race, really push it, get a lightened wheel.