jimc101

Not much is going to fix the heavy issue, would not recommend the suggestion of dumping the hydraulic brakes for mechanical, you would see a drop in performance for minimal weight loss.

For the bounce, you need to play (most likely increase) with the air pressure in the shocks, you need a shock pump for this, instructions for both the shocks (F&R) should be available on the respective manufactures webs sites.

For a cheap / cost effective weight loss, look at simple things, pull the inner tubes, a lot of rotational weight can be saved getting lighter weight ones, the tyres are another thing to look at, but going smaller is a trade off with reduced performance. Doing much else is going to involve a lot of cost.