okay... here goes (and remember i'm NOT an expert here):
theory behind lightened flywheel (and somebody who ACTUALLY knows feel more than free to correct me) is that there is less inertial mass for the engine to spin helping it to rev more freely and have less power wasted through the drive-train (ie more power to the wheels)... on the downside the car becomes more jerky if going on and off throttle for the same reason (especially at very low revs - eg idling through a carpark). also engine braking decreases for a similar reason. i can personally say that having one does feel a little different - although thinking about it now, it's prolly money that i would've been better off spending elsewhere first - 'cept my clutch said "seeya" and i figured i might as well do it all at the same time... (btw costwise your looking at around $900+ for a lightened flywheel vs around $30 for machining the current one you have and to be quite honest in a SC mr2 i don't know if it would be worth the money, but if anyone out there has done it feel free to tell me i'm a dick )
as for the clutch i can't give you a part number as mine is NA version and the guys at adelaide clutch didn't seem to recommend it for a supercharged version, but if you go for something suitable in the "xtreme" series http://www.xclutch.com.au/ you should find something more than adequate... i'm happy with mine and that's where i got mine. prolly recommend something of the ceramic kind if you want something a little more grabby.
now down to fitting - would've been nice to do it myself, but the mechanic who rebuilt my motor (after it spun a big end bearing a week after i got it - yay fun that was. meanwhile here i am thinking "20 valve" - and don't worry - one day!!! lol) did it for $150 and that is a VERY decent price if you wanna get quoted elsewhere ($360 upwards).
you don't need to remove the entire motor just the front and back mounts and the passenger side one then slide the gearbox out... you will need a tool (?little help here?) to centre the clutch as otherwise the gearbox shaft (sorry my brain is a little frozen from my 15 hour day and cannot think of correct terms) will be a total pain in the butt to slide back in!
remember that this is just my 2 cents - hopefully other people will post to give you more help.
best of luck - we need more good aw11s out and about - i can't believe how many trashed ones i see!!!