Dirty Pete,
You just described Rodan
Rotating stuff always gets my attention. Both acceleration and deceleration will benefit here (not to mention your sprung to unsprung). The faster you go, the harder it is to get your wheel speed up or slow down. You end up storing energy here, the flywheel effect. Multiply speed x weight. There's a lot to be said for sweat equity when you're trying to save weight. I gundrill bolts, trim them within a hair of being to short, remove all unnecessary washers, and a few necessary ones too. Shorten cables, wires, fuel lines, and yes trim your fingernails. Ti bolts or axles are a tough investment if they're to close to the center of the wheel. Cutting your discs down, I don't know how they would handle the heat.
A friend of mine just handed me one of his carbon fiber dragster hats (disc), VERY LIGHT, also 1K each. This wouldn't work for a street ridden deal. They tend to grab progressively harder, so you need to back off as they start to come in.