It will be of most benefit to low HP cars with steep gearing....
When considering which parts of rotating mass to eliminate, you work you way down from the mass with the most diameter, and remember that the speed at which you are attempting to accelerate that mass is a huge factor in the effect at the time slip.
A vehicle with a starting line ratio of 15:1 would benefit more than a vehicle with a starting line ratio of 9:1 from all mass behind the transmission being lighter, long stories and wild theories short.
A properly lightened steel spool might actually have a very similar moment of inertia that an Aluminum spool, because of the weight being removed at a farther radius point from center.
Obviously, the part of the vehicle's rotating mass that would have the least effect on moment of inertia would be drilled axles, the benefit of that is more in reduction of total rotating mass and unsprung weight.
goob- if b*llsh*t were a bidness, I'd be a billionaire.......