this thread was recently linked and i saw some incorrect information being posted so i did a little research so others may be able to benefit from what i post.
here are a couple links that will describe these concepts better than my primitive understanding.
http://hpwizard.com/rotational-inertia.html
the above link has calculators that may be of some use.
using their calculators and assuming a 10lb difference in 5" diameter the difference when compared to static weight is only ~ 10.4lbs.
this next link takes the potential saved energy by using lighter driveshaft and converts to horsepower.
http://www.w8ji.com/rotating_mass_acceleration.htm
this following is quoted from the aforementioned link.
"The original driveshaft weighed 30 pounds and we had to spin it to 6000 RPM. If we input that, we see it consumed (and stored) 5310 joules. 480 ounces in a 3.5 inch diameter RING (hollow center) and 6000 RPM.
That is 5310/746 = 7.12 horsepower-seconds to spin the shaft to 6000. Since the time was 13 seconds, the shaft soaked up 0.548 horsepower distributed over that 13 seconds.
Now we change to the aluminum shaft. Everything is the same except the weight, it is now 15 pounds or 240 ounces. Using that flywheel calculator we find we used 2655 joules. This is 2655/746 = 3.56 horsepower-seconds. Over 13 seconds, we "stored" .274 horsepower. The net gain in available energy over 13 seconds was about 1/4 horsepower."
another link some may find useful
http://hyperphysics.phy-astr.gsu.edu/hbase/mi.html#mi