If you REALLY want to get into cutting rotating weight, billet aluminum crank and waterpump pullies will also reduce the package weight. MIne are 5 lbs less. They are not at all difficult to make on a lathe of 6061-T6, or March Industries makes some commercial aluminum pullies for the 351-C. There are others but beware of cheap cast aluminum pullies with Gilmer belt conversions. The wide toothed belts seem to apply a larger load, and some have gotten premature water pump bearing/seal failure, plus actual breakage of the crank pully has happened on a couple of cars.
FWIW, as Dan said, H-beam rods are usually heavier than equivalent strength I-beam rods. Rule of Thumb on rod types: use I-beam rods for torquer engines and H-beam rods for very high rpms and significant power-adders. I would never risk using aluminum rods on the street, either. That's like owning a pet rattlesnake.... you KNOW bad things will happen, you just don't know when.
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