A 331 will probably be closest in balance to 28 oz, although mine was closer to neutral (had I known before I bought everything I would have balanced it neutral too) since my pistons are really light (396 grams w/o wrist pins). You'll probably want to go with a 28oz imbalance as the balancing machine work will work out cheaper (mallory slugs for neutral balance get expensive really fast). Lower external balances (smaller numbers of imbalance) typically mean a smoother running engine with less vibration passed through the bearings. As mentioned above, you have to match the engine balance, flywheel, and balancer, or the offset in balance will cause the engine to shake itself to death.
As for the driveshaft comment, I've read in other threads that the reduction in weight from the stock driveshaft is MOSTLY offset by an increase in driveshaft diameter, meaning it takes more force to spin it on it's axis because the mass is further from the center. That's why most people don't feel any gains with the FRPP shaft. If you found a nice 3" aluminum (stock diameter) driveshaft I'm sure there would be gains to have.
With that being said, yes I'd recommend an aluminum flywheel on the street. It's a little easier to get the car off the line on street tires and with a stroker you won't feel a torque loss anyways. People get quite carried away with "lowend" torque I find...all you need is to get off the line and then it's all topend.
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Novi 2000 now spinning off the snout of the 331...
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