I'm no scientist but I think I can see 2 immediate problems here.
1 is that extra weight that has to be incorporated into the bike by the flywheel. this will make accelaration hard work and slow.
The 2nd problem is the possible gyroscopic effect of the heavy flywheel. I can forsee this inducing some 'interesting' handling when trying to lean the bike into corners and the weight of the flywheel will also cause problems with a high COG and sluggish turning.
Apart from that, 10 out of 10 for some inovative thinking.
EDIT: spelling