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Realistically, yes. It will definitely make a difference. Whenever there is less mass, it will take less force to move it.
Here, it is rotational force. I do not know exacts, but it is usually approximated at 4x the force for rotational vs stationary weight.
The question is if its worth it for the difference. Personal Experience: My drive shaft is 39 lbs. A single piece aluminum is 27. A carbon fiber single is 16. I do not NEED a new one, single aluminum is 600, CF is 1000+.
Its not more power, its just less of a parasitic loss- aka, less engine work needed to move that extra weight.
So yes, you should see gains- but how much, and if it is worthwhile takes more calculating.
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If I were in your shoes, I would wait until it was needed, or wait until other work was needed, and start a little fund for the parts. A few bucks per pay check, or whenever you buy something put the change in a jar, or like me, I don't spend singles- anything smaller than a five gets saved for holidays.
But for some people fuel economy is not just a fun hobby, but needed to save money. If this is JUST for saving money, keep in mind you can get t boned tomorrow, and all of your work could be valueless. Fun? Go for it! To save money? Calculate.
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