I have quite a light flywheel on my Anglia, it flips the revs up and down nice and quickly with the lumpy cam and twin Webers which makes for nice quick gearchanges up and down. Also sounds awesome in traffic. It does have to idle a bit quicker though, not much because it's a pretty lairy cam in there anyway.
Note it's not a 'race' lightened flywheel. With this you WILL start to hate creeping around in traffic...
My dad had an ultra light flywheel and paddle clutch on his hotrod. Heavy 1930's car, 350hp V8 with a manual box and would stall easier than a 900cc Fiat Panda unless you gave it some revs, then it would roar up the revs, toast the clutch, fire you forwards or spin the tyres. It was just hard work and a nightmare on hill starts and parallel parking. When the clutch eventually needed replacing it was junked for a normal light flywheel and clutch. The car was then very driveable and no slower.
Think about that, because you can get your flywheel lightened for not too much and take a kilo or so off which will pep the engine up a bit but not make it a nightmare.