I haven't found much that is lighter, Jay. I've looked for years. I've actually swung the other way now because the performance is so much better that an ounce or two is well worth it. I've been playing with Tenkara this summer and it's been a lot of fun. Very intimate on lakes. Alpine lakes are a dream for fly and bubble, though, and I really believe it's the best alpine setup around. For me, finding the smoothest casting, most distance-capable reel led me to 5 and 6 ounce reels that just can't be duplicated with tiny spool ultralights.
I put a good quality 4.Xoz. reel and a huge spool 6.5oz. reel on identical rods and the casting performance was stark. It left me looking for the largest spool UL reel I could find. I settled on a US Reel – whatever their lightest one is. I think they have the biggest spools out there. Bigger overall for sure, but it can toss a bubble an unbelievable distance. If the lake I'm at is circumnavigable I can hit almost any spot on the lake it seems.
This is one of those cases where 2 ounces is worth it. Shave it somewhere else. Besides, I'd bet the increase in fish caught would let you leave more than 2oz. of food at home to make up for it :)