Actually now that I think about it, it's possible changing the damper's rotational inertia by a little is not a big deal. The maximum crankshaft displacement would increase by however much you reduce the damper mass, but there has to be some safety factor built in, and no one is holding the engine right at the worst rpm for a long time.
The belt could possibly get chewed up faster, but serpentine belts are flexible and I want to say a little bit of vibration wouldn't kill them.
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