I've spent allot of time under the crandle but haven't had it out. I don't see anything you could do that would lighten it significantly without making it really weak. Unless you built one out of aluminum or something I just don't see much chance of a road safe aftermarket one being significantly lighter. The OE cradle is already made from a set of stampings and ranges from hollow boxes to open channels.
As others have said... look elsewhere...
When you are at the track simply remove all the extras like the spare tire jack etc. Drain most of the window washer fluid. All that crap that is probably in the trunk.
If you are driving the car on the street you cannot legally remove anything that is considered a safety device.
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Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurasic Park)
The Ogre's Fiero Cave (It's also at the top of every forum page...)