Don't even dare to try to lighten your stock flywheel please.
If you mess up and grind the wrong place it could weaken it and the flywheel could explode.
If you choose to grind it down, you will have to make sure that it remains balanced.
And you will want to build a scatter sheild around your flywheel of about 1/4 steel or bigger just in case it explodes.
If i were you i would buy a billet light weight flywheel and go ahead and buy a billet connecting rod since you pulled the governer.
But with a light weight flywheel it will allow your motor to turn faster without a lot of harmonics (meaning that with the stock flywheel is heavy and it shakes about like a tire out of balance on a car, but with a lightend flywheel most of that will be canceled out) and it will allow it to rev a tid bit faster too.