Read in a thread here once that every pound you drop from your drive train will equal 2 additional RWHP. So if this is true and your lightened flywheel was 10 lbs lighter then that would mean a 20 RWHP gain across the entire rpm range. I don't think a lightened flywheel will affect spool time.
Aluminum flywheels are about 20lbs. lighter than stock and there is no way 1 lb. equates to 2 rwhp, probably more like 4 lb. equates to 1 rwhp, because 8 lb. of non-rotational mass equates to about 1 rwhp.