In circle track racing, throttle reponse is imperitive to success. Wether a 4 or 8 cylinder engine, rotating weight slows the car the accelleration rate.
There are too many things to be considered for you to be able to do this at home. Most weight is taken off the pins and the counter weight's.
This makes a very bad driving street or drag car though. It's pretty much for round track racing only. The inertia is needed for smoothness.
Stock V8 crank is about 50-52 pounds and cost $65. Ultralight cranks are as little as 32lbs and cost $2800 or more. You will also need the corrospoding light weight rods and pistons. Another $2500.