light weight wheel thoughts & ideas

So, I've been thinking about buying some "racing" wheels I've been thinking about how the wheel weight and diameter are directly related to the drivetrains sprung weight inertia and/or resistance to moving. If i bought a very smalll diameter wheel that weighed the same as a large diameter wheel (same o.d.), the larger one would still be harder to start turning due to the mass being so far away from the rotation point (center)........more mechanical leverage pushing aginst you due to the long lever arm compared to the small wheel's shorter arm. :shock: hopefully that is not confusing :lol:
So advantage goes to the small wheel for better/faster acceleration and deceleration.
The larger wheel has the advantage in handeling, due to the short sidewall. No sidewall movement = crisper handeling.
So, my question is: Is it possible to use a small diameter wheel what is very wide, strech a narrower tire on it so that the side walls are very "tight" and have equal handeling compared to the large rim. This would be due to minimal sidewall movement in the streched tire acting like the short sidewall of the larger wheel. For the sake of this example consider both tires the same width. And exclude the fact that streched tires have a wider contact patch and better "give way" characteristics.
Any thoughts info would be great!