“I'm kinda' surprised that nobody's using carbon fiber, titanium, or magnesium rims in LTO racing... ditto for sprocket hubs, brakes, brake hubs....etc. etc.”
Although I haven’t played with this in karts, I did play with it some in cars (as well as research it). Talked to a big name Legends car racer who tried lightweight wheels, and the only difference he could discern was that those wheels were more expensive and got damaged easier.
Although you are correct that the amount of mass affects how much inertia is generated (or must be overcome), that is only part of the deal. It’s also important where that mass is located. The farther the mass is located from the center of rotation, the more its affect is amplified – a lightweight mass located far away from the center can even cause more affect than a heavy mass located close to the center of rotation. Simplified to freezing a rotating system into one moment in time, Inertia = mass times radius squared. Radius is the distance from the mass you’re interested in, to the center of the rotation. By being squared it has a major impact on the inertia generated by that mass.
The benefits of lightweight wheels are usually swamped out by the weight of the tires mounted on them. The tire mass is not only farthest from the center of the axle, it can be as much or more than the mass of the wheel itself. So if you’re going to lighten your load, start at the mass farthest away. Make 'em lighter, or get them closer to the center of rotation.
Those other parts do contribute to the inertia, but again are typically swamped out by the tires. You might be able to gain a little by lightening them, but probably won’t see it on the stopwatch until you’ve optimized your tire masses first.