I wasn't going to get into this, but...
Required flywheel weight is linked to veh weight, I'll explain;
I had a 351c/4spd in a pinto(11.21@ I think 114mph) A heavier flywheel hit the slicks harder and picked it up around a tenth.(mostly 60ft picked up)
Sold the car and put the motor in a 71 fastback mustang....LIGHTER flywheel picked it up around 3 tenths but 60ft stayed pretty close.
The heavy flywheel had more "hit" and in spite of having to accelerate the added weight, the light car was quicker.
The heavier mustang had plenty of traction, it just needed help reving, therefore the lighter flywheel helped.
You might think that a heavier car would respond better with more flywheel weight to get it moving, and a lighter car would like a light flywheel........ME TOO!
A lot of part changing proved me wrong and this was my results.
As far as the torque/horsepower argument, in general, torque engines(big) have a shorter power span in comparison to a hp engine. In other words, a 460 not only accelerates at a lower rpm per sec than a 289, a 289 will also rev from 2500-7500 where a 460 rev's from 2500-5500(for example) and will require shifting sooner.
In drag racing, a 460 will be quickest if you accelerate the engine slowly by using a loose converter and a powerglide or a higher rear gear. Otherwise you lose to much torque in spining the engine.
To prove this on a dyno, do acceleration rates of 300 rpm per sec than 700 rpm per sec.
A 289 will see less difference between the two pulls. A 460 will lose a lot of torque in the second pull because your wasting it spinning up the heavy bottom end.
In the real world, 460/c4/5:14 gear, the accel rates would be higher than the engine could produce in 1st and 2nd, so if you change to 3:91's, you would actually be quicker. A 289 on the other hand, can accel at 900 rpm per sec so it would be quicker with the 5:14's.
Anyway,enough rambling, I bracket race so I like big torque/low rpm/big cube engines over tempermental/high maint/high rpm/small blocks.