I have an aviation background so I'll explain it this way. If you are spinning a propeller with pitch "x" with a 350 HP engine and the max RPM you can turn it is 2300, that is because the air that the propeller is pulling is creating enough force on the blade to prevent it from going any faster. In recent years there have been great advances with composite technology, drastically reducing the weight of propellers, but no matter the composition (wood, metal, or composite) that 350 HP engine will only be able to reach 2300 RPM with a prop with pitch "x".
It takes power to turn a propeller (or fan). In this instance the gain is not so much from reducing rotating mass as it is from reducing drag. Drag is the enemy in speed and power, and it's not just related to aerodynamics.
If you want to get real crazy with it you can go down to every last detail such as dialing in your piston rings when building an engine by measuring and tweaking the static, breakout, and dynamic forces of turning the crankshaft after assembling the bottom end.