It's not just the weight, it's where the weight is located. Weight near the hub makes a much less effective flywheel than weight near the rim.
On my deceased TR3A, I was running an alloy flywheel (same thing Fidanza sells, I believe, tho I got mine from Jim Donato) on a relatively stock motor (except 87mm liners). ISTR it weighed about 10 pounds without the pressure plate (which was the lighter 4A style) and stock bolt-on ring gear. Oh yeah, I also had a TR6 gearbox which has a taller 1st gear (2.99 vs 3.38).
The change in drivability was considerable; I definitely had to relearn how to drive the car. Simply got to keep the rpm up higher while launching, and the rpm drops much easier with the alloy wheel. Usually hard launches were not the problem for me, it was just loafing around town or in the parking lot where I would forget and kill it. But even after several years of driving it to work every day, I did still kill it on occasion. Perhaps that's a statement about old dogs and new tricks, I don't know.
But I have to say that the result was worth it to me. The car accelerated much quicker (if launched properly) and in general seemed far more 'nimble'. Throttle response was much better, especially when downshifting the OD at the same time. I'll be moving that flywheel and gearbox to the project TR3, when the time comes.