Sorry if I repeat other posts.
Strip the bike down to the bare engine, frame and wheels. And I do mean "stripped"
Then decide what needs to go back on the bike to make it "useable"
Hold the parts, one at a time in your hand, feel it's presence.
"What a boat anchor" will be some of your first thoughts

If a 5 pound bar will do, then Honda used a 15 pound bar.
Exhaust had to be there so bite the bullet and loose the stock Head Pipes. They are not much lighter than the cast iron manifolds on my 413CID Dodge V8!!!
Pick and choose whatever you can from later model bikes to replace the iron on the CB.
I have found that VFRs have many of the same threads and splines as the older CBs. The VRF500 and 750 Interceptors have some pretty nice footpegs and pedals that can be made to fit with little grinding, drilling and minimal or no welding. A 3/8 Alloy plate is the foundation for the DUNSTALL rearsets. Drill a hole and attach the footpeg of your choice. The VF750R has a shifter and brake that pivot on the peg so even the drum brake is an easy FAB.
Gauges are not needed, if you are going too fast, you wreck, OverRev the engine and you walk home. No rocket science there, just seat of the pants feel.
When you have reached all the things like pitching the gauges and Elect Start (the biggest gain w/smaller batt) and replacing iron w/alloy, you can get crafty and shorten all the bolts that stick through past full thread engagement:

Pounds are easy to loose at first, you will be counting Grams real quick. Doing all the dieting at once will blow your buddies socks off, a little here and there will go w/out notice. Strip the #$%* first

CHUNG