One potential area for weight savings is creating lighter wheels.  For every pound saved, you automatically get a four-fold benefit.

The new generation of high performance, lightweight bicycles are employing carbon fiber wheel designs that are very robust and incredibly light. 

The Bugatti Model 59 I have selected for my inspiration car utilizes a special aluminum wheel design that incorporates spokes and a cone shape hub. 

I believe the 17″ Honda 90 wheels I have already purchased weigh approximately 7 lbs without the hubs and tires.  If I can repurpose the hubs and spokes and build the rest out of carbon fiber, maybe I could save another 25-30 pounds overall.

I will most likely go with the traditional setup initially, but I am intrigued by the idea of going with carbon fiber.  I think this would be a very lengthy and difficult project.  So for now, it will remain in the want to do but not must do category for this project.