yes it will (read disclaimer ). Weight of the wheel and the level of grip the tyres produces. When u run a dyno, you will want to run a tyre which has a resonable amount of grip, something which will not generate 'too much' friction with the rollers, When you are about to dyno your car, choose a tyre that will give you enough grip to transfer all the power onto the rollers, but not 'stick' to the rollers.

About the weight issue, the ligther wheel takes less power to rotate, therefore increasing your response (as far as the dyno reading is concerned).

disclaimer I've never run a dyno before, this is all off some megazine, so if anyone can correct what i've said, that'll be good.