I trimmed down my JAM pack (an older version of the JAM2) and I got it down to 14.5 oz.
This weight doesn't really transfer to the newer version, which weighs 26 oz. off the shelf.
MY TRIMMING:
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1. I trimmed off ALL the extraneous webbing and loops. I measured how long I thought I needed them, and cut 'em down. Nixed the ice axe holders and the side compression straps.
2. I replaced the sternum strap with a smaller buckle, and sewed it directly to the shoulder strap (non-adjustable).
3. I replaced the hip strap with a much smaller section of webbing.
4. I cut out the pad holder and water bladder pocket.
5. I cut off a little bit from the height of the pack opening. Maybe 2 inches. I lost a little bit of volume doing this. I re-threaded a smaller string thru a simlpe series of holes (like an old navy duffle) and added asmaller cord-lock.
6. I also cut out the dividing fabric between the back zippered pocket and the main compartment. I DO NOT RECOMMEND THIS! It didn't work so well. It made the contents of the pack sort of bulge out in that area. The pack lost it's stream-line feel.

THe above is the present JAM2 pack.