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I dont think so... its kinda like a steel flywheel. Its not taking away hp but it might mean the engine will rev 1/10th of a second slower... more rotating mass. Hell im no expert though.
If you are talking about an 'SFI' type dampner some are lighter than others. Just make sure what you get is what your balance calls for.
5.0's can be a zero balance, 28oz or 50oz........