Largest weight savings: swap the hex tarp for cuben tarp. Hammock Gear makes an hex tarp for $235.00.
Cheapest weight savings: swap the standard cordage for Whoopie Slings. Redden Marine sells Amsteel Blue in 7/64" for $0.21/foot.
Other stuff that's possible: swapping the tarp for a lighter silnylon or spinnaker one (usually in the $100-$200 range), swapping out the ridgeline for lighter cord (usually in the $1.50 to $3.00 range), changing from the stock snake skins to either a Blackbishop bag (depends on the bag, anywhere from $1.00 if DIY to ~$30 for an high-end waterproof bag) or nothing at all (free!), and swapping out the tie-outs for lighter shock cord (under $5.00).
Hope it helps!