hey W00dzy
it doesn't look a difficult job to do this for the 1998 to 2003 flywheels. i have been studying flywheels from 1998-03 and 2004 onwards. The weight on the gen 1 flywheel is not so big as the 2004 models, so i don't know if you would gain as much as removing the flywheel on the 2004? but for sure you would gain something. Anyways, the weight is fix by 6 permanent pressed rivets? (instead of allen key bolts on the 2004s). to remove this weight, you would have to drill these 6 rivets? (whatever they are) which are casted to the weight out. 5 minutes job. take at look at this to study. its a good brake down to see the 1998 - 03 flywheel
How to replace your sprag clutch.
the problem you have after is that the weight was used to as part of the sprag-clutch for spacing. soooo. you can solve this with replacing the weight with 3 nuts or spacers where the 3 bolts go that hold the sprag clutch. In fact, it is possible to have 6 bolts if you want just drill the 3 extra holes (just like 2004 flywheel) of course these 3 nuts/spacers have to be the exact same width as the old weight you have removed. take a look at this site. this well help you understand what i mean with the 6 nuts on the 2004 flywheel
Tuono Flywheel - JOE250.com
i am pretty handy when it comes to this kinda stuff. i am pretty confident it can be done with out much effort. if you can repack your exhaust, then you can do this. because after all, you have to drill out your rivets too to take apart the exhaust. it just of matter of using a centre punch and a drill and taking your time.
I have to replace my alternator gasket soon. i found a small leak. so. for sure i will give this a bash.
I hope this helps anyone out there willing to give it a try. i spent days studying the differences between the 2 flywheels.
let me know if you anyone does this before me
Paul.. my first post too :thumbup