No no no no no no.
It's rotating vs. non-rotating weight that makes the difference. Let's say your wheels weigh 40 lbs each. You spend the dough and get some that weigh 30 lbs each. That's 40 lbs of rotating weight you've removed. That's the equivalent of removing 120 lbs of static weight when it comes to acceleration.
Detailed explanation: Let's look at a 40 pound wheel in the trunk. You have to expend a certain amount of power to move that weight down the track.
Now, let's look at that same 40 lb wheel, but this time it's installed instead of in the trunk. You have to expend that same amount of energy as before to get it down the track. But you also have to expend energy to rotate it. The energy expended to rotate the tire is a function of its polar moment of inertia, which is a function of the square of the radius. Larger wheel equals larger polar moment of inertia equals more energy to rotate it.
Now, let's move to sprung versus unsprung. First, the definition: sprung weight is supported by the springs; unsprung isn't. Generally, you count the weight of the spring and shock as half and half.
For unsprung weight, let's keep it easy and use the brake caliper, since it doesn't rotate. Let's say the caliper and bracket assembly weighs 20 pounds. This is completely unacceptable, so you replace it with an assembly that weighs 5 lbs. You removed 15 lbs of unsprung weight. What's the effect on acceleration? None at all. But the car will probably ride and handle better, since there is now a larger percentage of sprung weight. Sprung weight can be controlled and manipulated by the suspension; unsprung weight cannot.
Clearer now?