I've been looking into doing a lightweight flywheel in the near future so this interests me. I was looking for something with more holding force and a much lighter weight than stock. Ive seen the UUC stage 2 kit and was leaning towards that until now.
This flywheel is made for the m20 clutch and pressure plate though? Hmm, very interested...
Edit: 
heres a link http://racehead.com.au/products-page/bmw/bmw-light-flywheel-m50-m52-m42-m44/
Uses an m20 clutch, which should be really nice! So you just used some bolts from an automatic flex plate? Are they about the same as the m20 flywheel bolts or are they shorter still?
Resurrecting this thread as I am now also interested in a lightweight flywheel conversion for my M42. Wanted to confirm something - 
I think the M20s use the same bolt for the manual flywheel and the auto flex plate: 12x28mm, BMW PN 11227805885.
This lines up with the statement that the M42 flywheel bolts were too long: those are 12x50mm, BMW PN 11222243051.
Therefore it seems to me that this swap needs simply the flywheel, the M20 clutch kit (PN on RHD site), and a pack of these bolts, right?Also, update on other lightweight flywheel options out there.
- Baseline: 7.4lb RHD Flywheel ($245), Clutch Kit (~$260), Bolts (~$30 new) still seems the cheapest option.
- 9 lb JB Racing Flywheel PN 520-040-215 currently reduced from $765 to $630. Just the flywheel.
- Fidanza Flywheel PN 195321 currently reduced from $631.64 to $536.89. Just the flywheel, no mass specified.
- UUC Stage 2 Kit can be configured a number of ways, pricier, seems to be a more track-focused option.