Here is a link to a dyno test before and after installation of an aluminum flywheel and clutch in a Corvette.
Dyno test of an aluminum flywheel. The reported gains in torque and horsepower agree faily well with "back-of-the-envelope" calculations. As the dyno tests were conducted on an inertial dyno in a fairly high gear, even greater gains would have been observed if the acceleration would have been allowed to be greater, either with a lower inertial load or by running in a lower gear. Conversely, if the test would have been run on a steady-state dyno no gains would have been observed, as the torque (and HP) increase is proprtional only to the rotational acceleration (e.g., change in RPM per second) times the mass moment of inertia of the rotating hardware.