i've seen this done on a 4AGE, but they took a more radical approach.
auto flexplate was used, but they had a multiplate tiny clutch (6 inches in diameter or so)
I can't see a problm with your plan, especially if you are talking about lightening a standard flywheel, funnily enough i was looking at a spare flywheel today to check if it was gray cast iron or nodular cast iro (it was nodular, woot!) and thinking there wasn;t too mcuh you could do to lighten it without pissing off the ring-gear.
if you are thinking custom, i think you will get the results you want with a serious lightweight (low inertia) flywheel.
EDIT:
short version, YES
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