Crank pulley rotational mass only really matters during acceleration. It is only during times when rotational velocity changes that mass plays any part. Even so, unless you're constantly accelerating or decelerating (and why would you? you're trying to maximize your FE), this will not gain you any noticeable benefit.
Steady-state improvements in FE will come from underdriving the power steering pump, the A/C compressor, and (for me, anyway) the water pump. Electrical draw from the alternator aside (which is the subject of another thread here at Ecomodder.com), mechanical pumps rated to perform at idle using a stock crank pulley will draw less power with a UDP.
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