Fortunately there is another option. UK based TTV Racing actually list a range of lightened flywheels purposely for the S-type version of this engine.
Click on the picture to be taken to their website.
A few items are required to fit the flywheel regardless of what you end up with:
Spigot Bearing - P/N: 410 0015 10 (LUK)
Bolts (8. off) - P/N: C2S5392 (Jaguar), 4 107 081 (Ford)
Rear crank seal - P/N: AJ89510 (Jaguar), 4 605 210 (Ford)
The rear crank seal isn't a necessity but unless your engine is freshly rebuilt it makes sense to replace it whilst you are there rather than risk it leaking once you start using it again. The genuine parts price is a bit steep but it is up to you if you want to take the risk on this item with a cheaper aftermarket alternative. Having had an aftermarket seal fail on me before (front crank seal on the Zetec) I bit the bullet and bought genuine as I really don't want to have to pull the gearbox and flywheel off again six months later.
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