I think an aluminum flywheel would work, but the mass may have to be adjusted.
I have seen others add steel rims, weights and such to aluminum flywheels, but I don't really thing that is necessary, but I have no science or experience to base that on, so just talking off the top of my head.
I recall looking at flywheels before I started casting gray iron ones, and it seems like I just made the rim thicker and wider, to add mass, making sure the spokes and hubs were strong enough for the added mass.
I think aluminium is about 1/3 the mass of iron.
I wish I had some IC engine experience, and then I could talk from experience, and not just speculate.
I do recall seeing several full sized Witte diesel engines with rather massive flywheels on them, I guess to carry the piston over top dead center with the extreme compression.
Find Hansen's diesel model engines do not appear to have that massive of flywheels, although their diameter is fairly large relative to the engine.
I unfortunately can't answer the question asked though, which was "How do you figure out the mass required for a flywheel".
You definitely don't want a flywheel that will come apart at excessive rpm, and so I guess the operating rpm comes into play.
Edit:
I found this document.
No time to study it, but it looks interesting.
http://eng.pdn.ac.lk/old/mechanical/menu/class/downloads/notes/flywheel_ppt.pdf
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