Another aspect of bolt weight that I have not seen mentioned in this thread with respect to traditional submachine guns is the affect on cyclic rate. The lighter the bolt, the higher the cyclic rate.
In North America, it is simply not legally practical or possible to make a firearm identical to classic originals like the Sten. In Canada, there are privately owned original Stens, but ownership is limited to those who had them before a cut off date, and they cannot be taken to a range. '78 for autos, '95 for ones converted to semi. The IO, SAS and other similar operating systems allow a legal firearm to be made, using many genuine parts and retaining most of the appearance of the original. Shooting one of these reproduction Stens is not the same as shooting an original set on repetition. The sensation is different, because of the closed bolt function. The second pattern SAS uses a rather large cylindrical hammer; there is a bit of the sensation of movement that open bolt operation produces when the trigger is pressed, but the mass of the forward moving parts is much less.