it wont effect emissions at all your just have quicker acceleration and deceleration thats all...either way you go on the weight you will love they way it responds...
It will, I know it from my experience. Flywheel was lightened to 5,4kg, balanced and fitted to the car. After that idle was good, but smoke test was not passed.
Could be because off compression ratio 1:11, but with stock flywheel it was within limits. BMW dealer did not found any problem during diagnostic.
IMHO, lighter flywheel has less energy stored in it to pass TDC so engine rpm decrease and ECU adds some fuel to keep the same idle rpm.
Mass is not everything that should be noted, moment of inertia is much more important here. M42 flywheel big part off it's mass is stored in outside flywheel part and such design increase moment of inertia.