i see a few physics problems with your idea, if your 1lb weight is free floating, your wheel will be impossible to balance, and the centrifugal force after 7mph on a 26" wheel could bend weak metal and very likely pull your tire off your wheel, also, sudden stops are a problem too, "an object in motion tends to stay in motion" your weight will indeed nudge you foreword but at inopportune times
like a sudden stop at traffic lights.
your best bet to store a good amount of kinetic energy with minimal extra weight would be a sprung coil with a clutch