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@mbaird, I too ran a 22lb McLeod lightweight steel in my W2 408 Swinger. When I had my 3.09 box in my car, it was great with 3.55 gears. With 3.23, it wasn't the best, but I now blame a lot of that on the McLeod RXT clutch, which has no modulation whatsoever, either on or off. At that time, I went back to a 30lb wheel, which definitely caused the engine to spin up slower.
Currently, I am finishing the installation of an aluminum 14lb wheel from RAM Clutches and 4.10 geared Dana 60, with aluminum driveshaft and Gear Vendors. All of this will be coupled to a McLeod borg beck and long pressure plate and organic disc. After searching around the net for info on aluminum flywheels, I came across Jody Haag, of Jody's transmissions. His advice when contemplating an aluminum wheel on the street is the necessity of 11:1 ratio in first gear. He claims this is a minimum, less than this and it likely won't be happy. I also spoke with FABO member
@perfacar, who also agreed aluminum was the way to go for me.