screw the crank pully, it'll only damage your acessories (ps pump, AC and alternator) and isn't all that benificial. An 8lb flywheel is light, but not unstreetable, you just need to know how to drive....well. Other than that, yes. Buy why would you get new rods and knife edge your crank if you arn't upgrading your top end to handle higher RPM and why arn't you getting new pistons? Sounds like you need to rethink your plan.