Arhhh, physics dont we love it all 
You must also remember that helicopter blades are also a fan like object and that it is also made of a composite material. Must be something beneficial out of it for them to make it that way 
Anyways to calculate this whole energy/inertia crap you can use the following formulas.
Power = 2 x Pi x RPM/60 x Torque
Torque = Inertia x Angular Acceleration
Inertia = Mass x Radius of Gyration^2
Now as you can see, if the mass was reduced then the inertia would decrease and then torque will decrease. All of this will cause the power to decrease so yes, in a way it will use less power. The so called speed or “rpm” of the motor wouldnt really increase since most motors run at a synchronized speed of something like 1490rpm etc…
If you were to increase the blade lengths then the radius of gyration would obviously increase and the mass of it would even out with one of a shorter length. In saying that your torque, power etc… would stay the same. You however would have a longer blade length (which is the same mass) and thus should be able to move more air. That however is a whole different sort of calculation …