Well, it would, assuming the mass density on the two disks was uniform. The heavier disk would have a greater moment of inertia.
Unless you're saying the density distribution, meaning some of the weight increase will occur at x radius off of the rotation point. The result then being some increase in rotational momentum?
Even though for some purposes, we can act as if all the weight were located at the CG, it really isn't there.
you should always be able to consider that all the weight is at the CG.
Exactly. That's the intuitive idea behind moment of inertia. Even though for some purposes, we can act as if all the weight were located at the CG, it really isn't there.