Forgetting that it probably doesn't fit...
And with no governor and HD springs....
Spinning a heavier flywheel requires more torque ... just like pushing a heavier box requires more linear force. Your engine has to spin the flywheel and the push kart. Are you saying that reducing the moment of inertia on the flywheel will not free up any power to push the kart to higher RPMs. I propose that it must. But I'm just guessing.
Can you push a heavy box faster once you empty the contents. Yes.
Why wouldn't the engine be able to push the kart faster once you reduce the moment of inertia (equivalent of mass in angular acceleration).
apart from it being perfectly correct that spinning up a heavier flywheel
(in the same time to the same speed) requires more torque
you are forgetting that 3/4 of all (4stroke-) engine rotation is "powerless"
the ONLY power to keep it going is INERTIA.. stored in -you guessed it already by now, don't you- the FLYWHEEL.
And yes, the lighter flywheel stores LESS energy!
So whatever power you save spinning up that flywheel you certainly lack when you rely on it's inertia..
No matter how light your flywheel is.. you cannot gain any power.
what you WILL gain is "snappyiness" when revving up as long as the engine is free to spin (no load)
as soon as you apply a load you need the flywheels inertia to complete the engine cycles for the next power stroke.
'sid