I fitted a second hand single mass flywheel from a M40.
I weighed each part on a set of bathroom scales. These were the measurements:
M42 flywheel 12.6kg (27.8lbs), clutch and pressure plate 4.4kg (9.7lbs), total 17.0kg (37.5lbs)
M40 flywheel 9.7kg (21.4lbs), clutch and pressure plate 5.1kg (11.2lbs), total 14.8kg (32.6lbs) a saving of 13%
Keep in mind that the M42 items weighed above were all well used and the M40 clutch and pressure plate were new so the difference may actually be a little more.
I spoke to someone in Malaysia who had reduced the weight of his M40 flywheel to 7.7kg (17lbs) which results in a total weight of 12.8kg (28.2lbs), a saving of 25%.
For the record I didn't notice a big difference with my flywheel and if doing it again would get extra weight removed from the M40 flywheel. I still think it is a better option than an aftermarket aluminium flywheel because of the strength and the use of the M40 sprung clutch. It's also pretty much a factory modification. A lot easier to do than the M20 flywheel conversion too.