Here's part of a racing article I just found on the subject.
It sure says some stuff I never expected and I think is good reading.
Here's the url to the article:
http://www.w8ji.com/rotating_mass_acceleration.htm
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What does a rotating mass actually do?
A rotating mass does not really consume or dissipate energy. A rotating mass stores energy. The rotating mass eventually either returns energy to the system in a useful way, or something converts the stored energy to some other form of unwanted energy. The conversion might be with a friction, converting to heat. The energy stored might be helpful, like the smoothing of cylinder pulses in an engine flywheel. The energy stored also might not do anything at all, or the stored energy can even be harmful, reducing acceleration or braking.
Accelerating an unnecessary rotating mass requires energy, and the acceleration process saps some of the horsepower we have available to accelerate our vehicles. Reducing available horsepower affects acceleration in a very predictable manner, and the horsepower amount needed to spin something up gives us some feel for how important a part change might be.
Four things determine the effect of rotating mass. Every one of these things is important:
How quickly and often a rotating mass speeds up or slows down. Every time it is forced to speed up or slow down, it takes or releases energy
How heavy the rotating mass is. More weight (with no other changes) stores or releases more energy
The rotating weight's distance outwards from the centerline. The further out, the more energy pushed in and out of a given weight
How fast the weight spins, or the speed the weight travels in a given circle diameter. The higher the RPM, the more energy stored
Here are how these things work:
If we push energy into the rotating mass and pull energy out several times, we move more power around than if we make a slow, smooth, change in speed. It takes much more effort to repeatedly speed and slow something in a short period of time than to gradually speed it or slow it
The amount of weight is the least important thing! If we double the weight (with no other changes) we only double the stored energy
Weight distance from the center line is very important, because it determines the weight's circular velocity (speed)! Stored energy goes up by the SQUARE of the radius change. If we replace a 4-inch diameter hollow driveshaft with an 8-inch diameter tube of exactly the same weight, it is not just double. It is twice the size squared, or four times the stored energy when it weighs the same!
The faster we spin the weight, the more energy it stores. If we double RPM, we multiply stored energy four times. Again it is a square of the change, just like weight distance from centerline is a square.
The above is very important. If we double the effective "circle size" the weight is rotating at, we get four times the stored energy. If we simply double the weight without changing the spinning radius, we just double stored energy:
If we reduce mass from twenty pounds to ten pounds, keeping the same distance out and same peak RPM, we reduce stored energy to half the original amount. Reducing weight is a one-for-one change.
If we cut diameter in half while keeping the same weight and RPM, stored energy will be 1/4 the original stored energy. This change is a square. Twice is a "four times" effect. 2*2=4. Four times is a sixteen time effect on stored energy. 4*4=16
If we cut RPM in half, we would reduce stored energy to 1/4 the original amount. Once again this is a squared change. Change RPM three times, and the stored energy changes nine times. 3*3=9
We should carefully think about what this means when we change things. Some changes are worthwhile, some are not. We also cannot use carte blanche rules, like the silly rumor that reducing a rotating weight is like dropping the vehicle weight four times that amount. As a matter of fact, it is probably never four times. It is more likely closer to one, and might even be less than one!