My .02...for it's size, the SHO has about the heaviest pressure plate you will ever see (big cast piece, instead of most being stamped). The original 9.25" clutch was a small (lighter) stamped piece, with the same size flywheel. Ford had to beef up the clamp load of the pressure plate (which we all know), and did this, but didn't really change the flywheel, or the flywheel weight. Result? Several lbs were added to the original engine rotating assembly.
The original 9.25" clutch was also smaller, and it's moment of inertia less than the 9.75" unit, which has the bulk of it's weight at the extreme edges of the flywheel.
All that to say:
1. A steel flywheel in the 17 lb range is probably closest to the original weight of the SHO clutch (read that to be, original Ford designed rotating assembly weight)
2. Because of the extreme weight, and placement of weight on the 9.75" cast pressure plate, an alum flywheel is not a huge drivability issue IMHO. With a more aggressive friction material, it can be trickier, but with a full facing disc, it's never been an issue with me.
If you live in an urban area and are on/off the clutch all the time, starting off on hills with 1/2 dozen bags of dog food in the trunk, then maybe a steel unit would be better.
For hi-po use, either unit whizzing @ 7,500 rpm is probably better than the stock cast piece (having a stock cast PP is bad enough). There was a guy at Road Atlanta in Oct that got his leg cut off coming down turn 12 when the clutch/flywheel assembly let go. Since our's is FWD and not RWD, we don't have to worry about legs, since it's going to come right up our crotch.