Drew-
Simply because the 17" rim is larger in diameter does not mean it has more mass, or weight. A 70's era wheel of any size, constructed with 70's technology, is likely to have more metal in it that a modern 17" wheel. Computer drafting and stress strain analysis, as well as CNC machining and improved casting techniques allows many modern wheels to use less metal for the same strength as their predecessors. Also consider that aluminum has a lower density than steel, and therefore a lower weight for the amount of metal used (2/3 lighter!). Since stock wheels were, and are still, not really constructed for weight reduction, a performance aluminum wheel is almost always several pounds lighter than a stock wheel (even comparing modern stock wheels to modern performance wheels). I wouldn't say that all 17's are lighter than stock or 70's era 15's, since the larger diameter may lead to more mass, but I'd be willing to bet (a lot) that there are quite a few performance bred modern 17" rims that are lighter than 70's era 15's. If you still don't believe me, get a weight on a stock 15" wheel. I'd bet its more than 15.6 lbs per rim, which was how much the last set of 17x8" rims that I had weighed. Believe me, if I had a stock 15" rim, I'd weigh it myself.
Now tires are a whole different matter, and vary quite a bit from brand to brand, but if you consider the same height/width of tire on a 15" rim to a 17", I'd bet you can still shave weight with a stock 15x8 to a 17x8 even considering the weight of the tire.