I briefly had a 1980 Continental and it looked exactly like yours. Yup, those electro forged framed bikes are heavy. As I recall, there was a thread about a year ago, maybe a year and a few months, about someone who took a Varsity and did what you're doing, replaced the wheels, cranks and some other changes to lighten/upgrade the bike. My best recollection is that he got it down to around 28 lbs. PastorBob might recall that thread.