I've done this and love it. I also use dutch clips on my huggers and when I made my whoopies, I put the adjustable end through the loop on the hugger. No pieces to fall off or loose.
Make for a super fast set up and simple to adjust.
As far as weight/bulk savings - yes to both. A lot? Not really (couple of ounces maybe), but I do notice the difference in bulk.
Besides, It looks cool