CAST flywheels are VERY dangerous at high rpms and STRESS LEVELS, I STRONGLY advise useing CERTIFIED @ BALLANCED,BLOW PROOF STEEL FLYWHEELS, & CLUTCHES and a CERTIFIED SCATTER SHIELD.
you only need to see one car cut in 1/2 by a clutch explosion or one guy loose his feet before the cost of the better parts LOOKS CHEAP compared to the results a lifetime without FEET could cost!!
the heavier the flywheel is the more energy it can potentially store, and the smoother the engine will tend to run, simply because the rotating MASS will be less effected by the power pulse the piston and rod exert on the crank shaft throws on the engines power stroke, a heavier flywheel will also tend to make BALLANCING an engine easier.
on the negative side that same increased MASS of a heavier flywheel that tends too STORE energy at any given rpm that allows you to blast out of the starting line without bogging by resisting the tires trying to slow the rotational energy also tends to ABSORB some energy as your trying to accelerate, thus potentially holding your performance back on the high speed charge at the end of the track.
put another way, if your running slicks ans a suspension that can pull the front wheels before the tires spin, badly and if your engine produced its max power in the 4000rpm-6500rpm range and you cam launch at 5000rpm, the heavier flywheel will give you a distinct advantage, allowing you to stay in your most effective rpm range
but if you launch at 1500rpm to keep the tires from turning to smoke, and your engine needs to cycle from 1500 rpm up to lets say 7000rpm and back several times durring a run like in road racing a light flywheel will get you a much more responsive combo!
I generally run 30 lb steel flywheels on the lighter weight sbc drag cars , that operate over an extended pm range and 40-45lb flywheels on big blocks with thier lower total change in rpms or supercharged cars that weight more but have the suspension and SLICKS to allow that stored energy to be used
light weight aluminum flywheels are used most effectively on road race cars and circle track cars that must vary rpm ranges widely coming into and out of acceleration and braking the engine rpms, ALUMINUM flywheels also tend to get damaged much more easily due to excessive heat, if they slip badly on constant hard launchs