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For light weight and street use I would recommend steel. The old LS7 flywheel and the neutral balance flywheel for the 84-85 F-body weigh about 15 lbs. Both are available new from GM for about $200. I have raced these two in oval track cars for thousands of laps without an issue. For even lighter weight, I would go to a 7.25" or 5.5" clutch setup along with either a flexplate or special starter and 104 tooth flywheel.
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