You are a sharp cookie and present equally interesting theories! There are in fact, flywheels on the market that specifically have holes/ports on the outer perimeter for the very reasons you mentioned. As to wether they are "heavier" on the inside and "lighter" on the outside and if this has an effect or not, I do not know. I believe that in theory though, if designed that way, it may help with the CEL issue. I can't be sure though. As to the streetlite question....you'd have to ask in a new thread as all my research points to different results with different people with different flywheels. The CEL is 100% harmless though and can be made to go away with an ECU reset.