What hubs should I get then if both formula and dura ace hubs are not exactly lightweight and could keep me under the price range? My current wheels are on a dawes sstal. They seem fine but the entire bike weighs about 20lbs. I'd like to reduce rotating mass first. So using a front road wheel isn't going to be any lighter?

You mentioned Wabi cycles' wheels. Are you referring to this?
http://www.wabicycles.com/GXwheels.html

I haven't heard of the Jalco brand nor Joy Tech hubs before. (I'll do a search for these on the board after posting this. They come out to about 4lbs for the set versus the guestimated 5lbs for my stock set. The custom set you describe is about 3lbs total which sounds even better. If I go the 3lb setup you describe, is there a well reviewed online vendor/builder that could put that together for me for a good price?