Join Date: Sep 2005
Location: Montpeculiar, VT
Bikes: Soma Rush, Fuji Cross, Raleigh Technium Mtn Bike, Ross 10 speed with Shimano 600.
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Are you serious???
Well assuming you are. Change out that seat for sure. Almost anything narrower you find in the bargain bin at your local bike store will be better, and position it as far back on the post as you can. You can either get a single speed freewheel for about $12, or just keep using the freewheel you have with whichever gear on it is most comfortable.
Don't bother trying to save weight. there is little you can do short of tossing the derailures, and you probably won't notice the difference. the frame, and all the other compnents on the bike are heavy, and replacing any would be throwing good money after bad. Other than a new seat, and a single speed freewheel, I don't recommend you send any money on this bike.
Save up for something lighter, and be on the lookout for 80s vintage 10 speeds. You can often find them at yardsales for free or very near free, and if you know what you are looking for you can get a very nice bike. Last summer I picked up a Ross with all Shimano 600 components, and a Raleigh Competition both for free, as well as an old sprint that wasn't a very good bike, but had a few very nice parts I stole for other bikes. These old bikes often make decent commuters with little more than a new set of tires and a bit of lube.