Flywheel mass (or more accurately moment of inertia)affects an engines ability to change speed quickly. On a single, that can be a hindrance or a benefit, but is generally a hindrance, especially out of the slowest corners. Even with a low revving engine the engine speed drop on the compression stroke shouldn't be enough to worry about, so you're really just left with quality of the idle as a possible benefit.
No point theorising too much - you really would have to try both on track to see if there's a difference. Most times I've experimented the advantage has been reduced gear shift times and not much else. On a single geared vehicle? Not going to be much in it.
Liam
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