I've wondered about drilling the axles and how much that would save.
If a person went to aluminum pressure plate, flywheel, driveshaft, would you lose enough rotating inertia to have a significant negative impact on street drivability?
You would probably see a noticeable difference with the aluminum pressure plate/flywheel but most v8's make pretty good low end torque and if you have more sporty gears it would be offset some. I would try it.