Lots of different issues in that question!
Think of the wheel/tire/gearbox/driveshaft mass as additional mass on the flywheel (and rolling friction to some extent). If you have a heavier mass to accelerate then you nedd more torque to do so, but you will store more momentum, energy in the 'spun' mass.
The really applicable issue for performance in the case of wheels and tires is unsprung mass. Lower unsprung mass results in a better ride and better handling due to the fact that the tyre will be in contact with the road more of the time as the suspension can more easily do its job due to lower reciprocating forces.
Grip is the other factor. If you spin your skinny tyres under power, then you need more grip. So, you get a wider tyre or taller wheel (or both). If you cannot spin this tyre then you have more grip than torque time the gearing times the radius of the rim times tyre friction.
Once you have theoretically found the critical grip, then you can reduce unsprung mass all you like, it will only help.
You can damage acceleration if you have too big a wheel/tyre diameter as the moment is too large. You could damage grip if the tyre contact patch is too small.
Finding a balance between grip and acceleration is the key. 17" x 9" wheels and tyres that weigh 30 kilos each corner will only blunt the performance, as you nedd about 400hp in the dry in 3rd to break traction , but also 12" wheels and 155 tyres will not have the grip to get you going!!
Ideal scenario is having wheel/tyre size matched to torque in the critical gear (usually 2nd or 3rd - can always spin in 1st), then reduce as much unsprung weight as possible. 'Spun' mass is pretty much the same as unsprung.
Its another thing altogether when considering going round corners though