Yes.....and no, its not quite that simple, although the wheel is lighter the rotating mass is further from the hub, so it affects the handling, acceleration and braking performance.
I know it is the extreme but ever notice that F1 cars and karts dont have low profile tyres (but they dont have much suspension travel either and much of this movement comes from the tyre).
Touring cars on the other hand have fairly low profile tyres but on *very* lightweight magnesium rims, try finding these in 20"s though.......
If you want performance stick with the 18's, for looks go bigger. If you want both, have both and swap them for track days, trying to compromise is exactly that, a compromise.
+1 and well put..
BTW; do you live at your own circuit? Looks like a tyrewall in the background? :envy: or are they haybales?
That's the Hethel Test Track....