Somehow on my particular bike, I don't think an ounce or two will make a difference... Probably not even a pound or two.
As I stripped the parts off the varsity, I realize I will be saving some weight as well... It has an alloy seat post.
Now I just have to figure out if I am in the mood (and want to take the chance) of painting...
BTW - I remember the days of mountain biking before there were mountain bikes... Lots of fun!