As fierosound mentioned I got one for my project. I'll try to explain some things about them...
First off, button flywheels are generally one piece units that serve as the friction surface for the clutch. This excludes them from being made from aluminum (although I have seen very few with steel friction inserts).
Secondly, the advantage of running a button flywheel is reduction of moment of inertia. In this case it's the polar moment of inertia around the same axis as the crankshaft. MOI is basically mass times distance from the axis. A reduction in MOI will result in faster acceleration, because less of the engine's output is being used to accelerate the given object instead of the wheels. So a flywheel with the same mass but with 4" smaller diameter will improve acceleration. But part of the advantage of a button flywheel is the smaller-diameter multiplate clutches that go with them. With a sufficiently strong input shaft and button, clutch torque holding capability can be increased (basically) by increasing the number of disks in the clutch. Because of the smaller diameter, the added weight doesn't cost you as much in acceleration.
But there are tradeoffs. A smaller diameter clutch is more sensitive to excessive slipping, and like what has behn mentioned, generally require a heavy or long clutch pedal. Drivability issues besides that occur as well, because the larger mass of the boat anchor they put on fiero engines serves to dampen things like a rough idle, and make it easier to launch.
I'm going to use a 5.5" 3-disc clutch, perhaps carbon-carbon if I hit the lotto. I'm also going to try trans-mounting the starter so I can use a clutch cover-mount ring gear to further reduce MOI. This should give me a total weight between the ring gear, clutch, and flywheel of about 8.45lbs, and a HUGE decrease in MOI.
The picture that you posted appears to be a 5.5" flywheel, which I would not recommend for the 4.9. A 7.25" clutch would be more suitable, especially for street use.
Hope this helps!
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