Unless there are other changes to the alternator assembly. Simply reducing the rotor mass will reduce output capacity. At least, that's the physics of it.
The rotor is the magnetic core of the device. The field coil and the rotor work together to form an electromagnet. If you reduce the core mass, you reduce the electromagnetic strength, and thus the output capacity.
Since the alternator isn't always working to highest potential, the effects may be hard to notice, depending on the operating mode. If you spend most of the operational time above, say, 3000 RPM. The battery should stay charged.
However, if you add more load (brighter headlights, hot coils, etc.) or spend more time in traffic at low RPM, then your battery will be taxed more, which can lead to shorter battery life, and perhaps lack of ignition spark.
It's a trade off decision best made knowing the application of the modified device.
Cheers,