I've heard that it is possible to machine a stock flywheel into lets say 12lbs. And when this is done everything is moved forward on the flywheel i believe, basically turning it into a lightweight steel flywheel. Someone offered me an opportunity to have this done to my flywheel but i wanted to know if there are any problems when doing this? and any reasons i shouldn't?

 

well, removing 11 pounds from the stock flywheel seems a tad bit unrealistic (not to mention unsafe) ... and i'm not sure what you mean by i know that the stock flywheel (and its counterweight) can be lightened significantly enough so you feel the difference, but i have no idea how much material is removed.
in my opinion, if you opt to have your stock flywheel lightened, make sure it's done by a professional (and not some guy who says, "i saw someone do this once ..." ) there's too much at stake both to you and your car's health/existence. however, if you want a 12# flywheel, i'd say buy it aftermarket ...

 

From my understanding of what he said "moving it forward" was that the starter ring would be moved forward to allow it to be cut? Im not exactly sure either so... I was told that this guy is an expert and also ports motors but thats pretty much all i know. He said it can go down to 12lbs, i also find that a little hard to believe.

 

Note that the flywheel part of an aluminum flywheel is 8.5 lbs, and the counterweight is the other 4 lbs to get a total of 12.5 or so.

-Max