The object of a flywheel is that it will have a latge momentof inertia to carry the engine round on non power strokes
The limit of how heavy it can be is set the main bearings (I’ve seen a crankshaft broken by fitt ing a flywheel so heavy that it exceeded the maximum overhung load, and failed the crankshaft on fatigue.
To maximise moment of inertia it would be advisable to concentrate as much weight in the rim, being aware of the strength of the spokes, and the centrifugal forces to which they are subjected when the engine runs at above its nornal speed. (A flywheel, even small, failed by overspeed is dangerous!)
So a very dense, but strong, material is indicated. (lead is too weak, and Tungsten tends to be hard to come by), so cast iron tends to be a cost competetive compromise.
Howard