I changed mine awhile back and it is a lot quieter, but I now have this metallic whine that varies directly with engine peed. I also put in a new chain, guides, and gears, so that may be part of it. I've never heard an M42 whine like mine, though.
As for the M40 flywheel, what is different about the cluch and pressure plate? An upside of the M20 flywheel is that it accepts a larger clutch. Is this true of the M40 as well? *hopeful*