Just how light are you thinking of going? Specialty Motor Cams (Wisconsin) has a 25 pound aluminum flywheel with a cast iron insert. That's pretty light. It could help your car go up the hill (from stopped) PDQ. On the other hand, an ABBH (As Built By Henry) flywheel provide enough rotating mass to whizz up that hill without pouring on the fossil fuel. Just run the stop sign at the bottom and coast on up.
I have one counterbalanced engine with a lightened flywheel and one stock-cranked engine with a lightened (just enough lip cut off to bolt on the V8 pressure plate) flywheel. The first one's in an open truck and the second's in a Roadster. It probably is no surprise to you, but they both go up the hill PDQ -- from stop or on the roll. I kind of like the Jenny Craig flywheels, especially when I'm laying on my back under the car trying to hang it on the crankshaft. I am not a fan of the Twiggy version because I enjoy using that kinetic energy.
I learned the hard way that the most effective way to smooth out the engine was to adjust the valves. If you have an exhaust valve that's not opening very much, the engine will be pretty sluggish no matter how heavy your flywheel is.
This is an IMHO opinion. Aren't they all?