Looking at the light weight flywheels on Ebay and they list them for the 250 and sbc as the same number. Does the 194/250 use the same flywheel for the 2 piece rear seal, and would this help with a t-5 swap to use a newer style clutch?

Not sure about the T5 part, but the flywheels interchange with internally balanced 2 piece seal small blocks. Just make sure you get the correct size, 153 or 168 tooth, for your bellhousing.