wow i didn't realize the steel flywheels were so light. i was looking to the 9lb aluminum ones, but at $450, i've been hesitant, and it'd be the most expensive part I've put on the car to date. think I'll go with a steel one and have it lightened as much as possible. it does have a limited slip diff, and i agree, it's an excellent upgrade. makes a world of difference when you start pushing the car in corners
Indeed, this is why the conversion to an M20 flywheel and clutch is so popular, because it is relatively cheap. You have to calculate the total including an M20 starter motor but if you do some research on this conversion on this site, you will find what you need.
Don't rule out the 9lb aluminum one just yet. The steel one can't be brought down to that weight as far as I know.
The stock flywheel is dual mass. The conversion to M20 changes to a single mass unit. This means that you lose the flywheels ability to absorb shock and vibration. With the M20 setup, this is dealt with by a different clutch plate that includes shock absorbing springs. These springs are not found on the M42 clutch plate because they are not needed. Changing both flywheel and clutch together to M20 type deals with this problem. Now, if you were to change to an aluminum flywheel which is single mass, and you don't change the clutch plate then you have no element in the driveline to do that job of absorbing vibration. I think this is why some that have done a conversion to aluminum flywheel (to flywheels made to fit M42) suffer additional noise, especially during idle, at least that's my theory.