depends how much you want lightened, this will affect the effect and the expense.
it should make it feel a bit freeer revving, more "sporty" and improve acceleration. at first you might find it easier to stall up hills etc but you will get used to it.
not all stock flywheels are ok to be lightened, to test yours, support it by a bit of rope or something and give it a (light) tap with a hammer (not on any important bits)
if it goes "clang" it means its made out of good type iron, and should be ok to lighten.
if it goes "thud" throw it in the bin.
my 4age one was a clanger, i'm assuming the 1g one would be too.
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