Well, I've been doing my research, and not only I have I found information that leads me to believe that the lightweight engine components I want will benefit my FE, but I have also decided on some more mods I want to do, namely the addition of a supercharger. Here are some links to the info I've been studying.
How Does a Supercharger Get Better Fuel Mileage? | eHow.com
https://www.kmjent.com/cart/product....1&cat=0&page=2
What are the benefits of lightweight internals? - E46Fanatics
JE pistons in a nord - benefits of lightweight pistons? - Alfa Romeo Bulletin Board & Forums
Piston Fundamentals - Mustang & Fords Magazine
I also finally found a source for a good majority of the parts I want, summit racing.
GM inline 6-cylinder - 4.1L/250 - CHEVROLET - SummitRacing.com
So, now the biggest thing holding me back? MONEY
The actual mechanical work of doing the mods, won't really be a problem I'm very mechanically handy and there are no computer chips to worry about.