Red and Blue! What a concept.
As I tried to explain before, light vs heavy has it's place. For MY setup I do believe heavier wheel (40 pound Hays) is the right setup. I have a VERY tall first gear. Most of the time I start out, from a stop sign, with an rpm barely above my idle rpm. I rarely "slip" the clutch when doing so. I simply let it out and "putt" off into the sunset. My concern is that light wheel, under those conditions, would require more throttle and may result in some bucking of the engine.
Now, when I'm ready to "nail it" and burn some rubber or make a serious fast run at some ET, well THEN I wish I had both lower gears and a lighter flywheel. But I like my setup as it is for a daily driver, cruising around town, getting stuck in traffic, low speed with high gears. Plus a cam that is not all that happy with my rpm below 2000 all ready. All things considered, I think the heavy wheel is the ticket for the bulk of my driving style.
By the way, a close ratio with a 3:31 rear gear is not a recommended setup. Typically you would use a lower rear gear ratio with the CR Top Loader. Yeah, at times, it's a bit of a drag. BUT, I like it. I love the way those close ratio gears fall into place on the freeway for instance. I've dropped into 2nd gear at 65 mph on several occasions and it just feels great the way it pulls from there on up to over a 100. Fabulous!