280zman

I just bought 78 280Z from a seemily loving owner. Although the current engine leaks and burns oil he has given me another which I currently plan on rebuilding. The first thing that came to mind in increasing the peformance of the new engine (on a stand right now) was a lightened flywheel and connecting rods. I figure the 78 OEM parts had to be pretty heavy (look at the stcok wheels!!!). I would appreciate any tips on this and further engine mods for my car.
THANKS