I don't know if this is analytically or theroretically rather than empirically,,but it ought to put the nail in this coffin -
To accelerate the car, you would have to start the wheels rolling, or produce a change in the state of rotation of the wheels. Resistance of a solid body to a change in rotation is the moment of inertia. For a solid disk (such as a tire/wheel), this moment is given as I = mr**2, where m is the mass and r is the radius and I'm taking a huge liberty with the distribution of mass. Angular momentum is the product of the moment of inertia and the angular velocity (L = Iw). I'm assuming that angular momentum is what we mean by rotational weight. A change in mass produces a change in I that is directly proportional. A change in the radius, however, produces a change proportional to the square of the radius. Smaller tires with the same mass would reduce I much more than lighter tires with the same radius. At first glance, it looks like reducing the radius of the tire/wheel is the best bet.
However, a smaller tire means it has to rotate faster to produce the same translational velocity as a larger tire (circumference being a function of radius and all that). The faster rotation means that the angular momentum increases. And not just the tire either -- there are axles and crankshafts and other things connected to that wheel that are all rotating with their own moments of inertia and angular momentums. Reducing the radius of the wheel produces an decrease in its rotational weight, but it will increase the rotational weight of other components in the car. Hence my comment earlier on cutting down any rotating weight.
http://www.tirerack.com/wheels/tech/techpage.jsp?techid=108
Finally, we monitored our test car's fuel economy using their onboard trip computers during our road rides. Covering a total distance of just over 350 miles, the three vehicle's average speeds were virtually identical (all within 3/10 of 1 mph). During that time the BMW 3 Series equipped with its Original Equipment Grand Touring Michelin Energy MXV4 Plus low rolling resistance tires averaged 22.8 mpg. The vehicle equipped with the Plus Size Pirelli P Zero tires on lightweight wheels averaged 21.5 mpg, while the Plus Size Pirelli P Zero tires on heavyweight wheels dropped to a 21.1 mpg average.
Vehicle Combination Average Speed Average mpg
BMW 3 Series equipped with
Original Equipment (16") Stock 38.7 lbs. 22.8 mpg
BMW 3 Series equipped with
Plus One (17") Lightweight 39.0 lbs. 21.5 mpg
BMW 3 Series equipped with
Plus One (17") Heavyweight 38.8 lbs. 21.1 mpg