The "resistance" of the lighting coil is due to the interaction of the magnetic field of the magnets in the flywheel with the lighting coil. AND, it's not like adding a weight, it's like adding a brake!
If you've ever hand cranked a generator or put one of those wheel driven light kits on a bicycle, you know what happens. With the light off, the generator isn't under much load so it spins relatively easily. When you turn on a light, the load, hence the energy needed to turn the generator goes up. As more lights are turned on, the more energy is needed to turn the generator.
So, the addition of the lighting coil (by itself) will not produce a "flywheel" effect that a weight will. It WILL dampen the acceleration of the crank, but it will NOT store and release energy.
(a flywheel stores energy while the engine is accelerating, and releases this energy while decelerating. This is why it revs slower and doesn't stall as easily)