From another engineer.
Flywheels are designed to have inertia. A vehicle manufacturer decides how much inertia they want, in order for power output to be smooth & the clutch easy to use. More inertia makes it harder to stall when releasing the clutch.
The cheapest way to make a flywheel is to concentrate the mass to the outside.
I think I can safely say that all standard car flywheels have more metal around the outside than what is needed for strength.
Most reputable machinists know what they are doing when it comes to lightening flywheels. They will remove metal from the outside leaving enough around the bolt holes & radiusing any concave cuts, so as not to create stress raisers.
Done correctly this will raise the strength / design rpm.
The amount that can be removed safely usually makes a very noticeable seat of the pants effect when accelerating from a stand still.
People always want more & thats when you have to go with an aftermarket or custom flywheel. Make sure you compare options thou. There can be a huge difference between the inertia of Brand X & brand Y. Also consider the inertia of different rpessure plates.
I'd go for cromoly not aluminium, by the time the aluminium flywheel has an steel insert for the mating surface, it's heavier and/or has more inertia than what can be done with cromo.