Never wanting to disappoint my BPL brethren and curious to know how I could shave weight on this stool, I took the damn thing apart…which was very easy actually. Just pull out one of the beveled metal plugs at the legs and it's self explanatory from there.
Here are the weights of the components:
Legs: 8.5oz

Internal Bungee and Metal Plugs: 1.0z

Fabric Seat/Understorage Net/Velcro strap: 1.6oz

It became immediately clear to me that the bungee cord was overbuilt. So was the fabric seat material. There wasn't much I could do with the legs.
So i got to work! Swapped out the bungee and restitched a new fabric seat out of 210D ripstop (same stuff used in the Alite Monarch, so should support a good amount of weight). I ditched the understorage net, but kept the velcro strap (i think it weighed .1oz)
Here is revamped one next to an original. No breathtaking weight savings, but modded version weighs 9.7oz compared to the original 11oz.

If I had access to a drill press I could have gotten rid of the metal plugs altogether and just tied the bungees to holes made into the legs themselves, probably shaving another .8oz or so. If I had real guts, I'd redo the other one in cuben fiber :D