Drilling rotors takes a very miniscule amount of mass out of them. Lathing the hats might be substantial but I am guessing cast iron hats are crack prone if they are too thin which is why manufacturers prefer casting them thicker?
I personally would much rather have a larger fuel tank that is heavier. Stopping for fuel is not a good use of time.
Reducing weight to make your car faster makes sense but it doesn't really save a lot of fuel for the effort.
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