you can't lighten the original flywheel but you can fit the FC flywheel. it's costs a few bob i'll tell thee though!
it's smaller and lighter in diameter and all it does is charge the ignition system so you'll have to remove the battery and starter or at least while you tested it you could go to a race with a charged battery and start the engine off it. all you need to do is to charge the battery twixt races.
you'd have the benefit of a lighter flywheel and less drain from the ignition drawing to charge the battery.
regards
Taffy