Yes lightening the flywheel will let the engine rev up quicker at the expense of idle smoothness.
I had a group n mini cooper s some time ago in which i reduced the flywheel from 16lb to 9. It made a huge difference in acceleration but wouldn't idle much below 1200rpm (full race cam didnt help here also).
You have to be carefull in the choice of flywheel material (ie steel & not cast) and CAMS requires that a cluth / flywheel scatter shield be installed around the bell housing to stop the bits chopping your foot off or other bits (remember where a mini clutch is positioned) should the thing decide to destroy itself at 8000 rpm.