i searched and found a mechanic that has lightened flywheels on bmw bikes.. is this something that would be effective for certain bikes perhaps but in your case i think money well spent would be on lighter wheels.
this being said i dropped one tooth front and added two and the rear and under the gun im still lifting the front with a 12 inch stretch shoulda went longer as i ride my wifes bike when hitting the corners , if your serious about dragging definently drop one in the front and add at least 1 or more in the back if bobjoezx added 5 to wheelie in 4th with a stock swingarm that might be a little to much for you as far as shooting down the quarter goes i think if you added 5 without moving weight to the front your going to lose acceleration as you would have to back off the throttle to keep your front wheel frombouncing too much.
also as far as top end loss i couldnt tell you had a speedo readout of 184 stock(not accurate)of course i lived in alaska w/perfect roads and around here im waiting for a warm sunday morning to see what i can record w/a gps.

id say wait and see what kind of feedback everyone else has coming.

 

correction ...timing advancer..