Do you simple drill holes in it or what? And if so where? And what's the max amount you can safely take off?

I once read on the Mailing list that removing 4 lbs. was safe.
If you are seriously considering lightening it take the flywheel to a shop that you trust and ask them how would they go about shaving it off.

I'm in germany so i need to know specifics so i can explain it to the macheinist. if you were to shave the surface of the flywheel you decrease the thickness of it. is this a good idea? I was thinking you would just drill holes in it some where.

You don't drill holes in it. You remove material from the back side. There used to be a drawing on the web by Bob Legere showing where and how much to remove but I don't know the URL. I had some flywheels lightened and my shop did pretty much exactly what Bob drew without me telling them or providing any specs.

Only take your flywheel to a machine shop that has experience in lightening flywheels. If not done properly your flywheel is as good as toast. Personally I wouldn't take my flywheel to any machine shop to be lightened if they didn't already have lots of experience. To me its just not worth taking the chance of having it blow up and then spending another $300+ dollars to get a new flywheel. Even though it would be an excuse to get a nice new lightweight flywheel. Hehe. Just my .02