You might save a small amount of rotating mass, but like drmiller said, you risk getting something out of balance, which hurts efficiency. You'd save more with a lightened flywheel, which depending on your drive, might not help as much as you would like. It takes less energy to get up to speed, but if you're driving mostly highway, you lose some of your coasting based on the lower rotational mass. Always tradeoffs.
Take the spare and the the jack out of your car, save around 50lbs, and enjoy the same benefits (or more) that you'd get from that one piece driveshaft.....for free! (fixaflat and AAA are your friends)
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