It is possible, I don't see the returns from such an effort being much though, compared to the effort. Depends if you EOC or where that breakeven point I mentioned is, hypothetically speaking of course.
I have found some more verbiage regarding flywheel weight:
http://www.racetep.com/flywheel.html
"Most manufacturers make the stock flywheel very heavy. This makes the engine very smooth and enables it to retain energy at part throttle cruise and up long grades for better fuel economy.
An Aluminum flywheel goes completely the other direction with almost no weight. This lets the engine rev up very quickly and allows the engine to work easier due to the reduced weight spinning around on the back of the crank. This is fine as long as you are at full throttle and wide open throttle all the time like in a Road Race or Drag Race only car. As soon as you let off the gas the engine RPM drops instantly and the car slows down. In a road car this causes surging and bucking at cruise speeds and poor driveability and clutch engagement."
I read this as lighter is definately better for p&g, but too light and smooth starts get harder to perform. They then go on to advocate lightening the stock flywheel as a compromise.
Here is a review of a metro with an aluminum flywheel, he likes
http://www.teamswift.net/viewtopic.php?t=14518