Another Viper owner (97 GTS with approx 500hp) and I (2000 GTS with approx 475hp) had a side by side race. I could stay with him up to my shift point where I have to shift and he has about another 200-300rpm to go before shifting.
The flywheel definitely makes up for some loss in horsepower because my engine rev's up a lot faster than his. I have since driven a 97 and a 99 GTS and found the engines to rev a lot slower than my car.
If you are road racing, I think the aluminum flywheel is a great improvement, the car really pulls hard off the corners, you can make up for some horsepower deficit, but you have to shift a little more than a car with more horsepower.