I've done a search, but can't seem to find out any answers to what it's like to run with a 3.5" or 4.5" wide rim/tire combo particularly on a street/strip setup. How bad is braking and handling at normal speeds? Any particular size tire recommendations. How much weight do you really save compared to a fat five wheel 205/50-15 tire combo?
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Not much at all when you figure the weight of 15x7 forged wheels out there. You'll save in tire weight and less rolling resistance.

 

There is a good weight savings over a stock wheel. Even over aftermarket wheels unless your running something like a Gram-lite wheel. There not meant for the street on a fwd car. Stick to regular wheels for the street. Both of my skinnies with tires weight less than one of my regular wheels tire setup. And I'm running old rx7 spare wheels for my skinnies so not even anything super lite like the welds or belak etc

 

My skinnies consist of centerline 15x3.5 rims and MT 22.5x4.5 tires and weigh ~20lbs. My fronts weigh about the same and they're WELD 13x8 with MT 24.5x8 tires.