A hollow punch might be quicker?
Even if you put a bunch of holes in a foam pad, while you’ll reduce the weight, you won’t really reduce the overall volume it takes up, so it’s still more practical to put it on the outside unless you have a large pack with plenty of extra space.
Also keep in mind that foam insulation (especially CCF) is much more efficient at insulating than largish air spaces, even if they are lined with light films to reduce convection. If you have swiss cheese pads, not only will you decrease the overall long term durability, but also the overall insulation efficiency per volume and weight some. If you go with offsetting the holes and using multiple pads, this will help with the insulation, but won’t completely overcome the higher thermal efficiency per weight and volume of foam over dead air space.
What might work a bit better is a combo or synthesis of materials and ideas. So take Rene’s essential idea. Say take two 1/4th CCF pads with offset holes cut in. You can do larger holes, say with a small, rim sharpened can or the like. Bond/glue an outer frame of CCF to one of them. Take a thin piece (but at least 1/4th thickness) of low density, open celled foam that can be easily compressed. Put that in between the two CCF pads–particularly fitted between the outside frame. Sew a fitted sleeve out of UL fabrics (maybe one waterproof on the bottom and one somewhat permeable, but highly WR on the top) and put it inside the sleeve.
It won’t solve the volume problem, and likely the CCF foam will have to go outside the pack (not a big deal imo), but it should be fairly comfortable and warm for the weight. And unlike an inflatable, hassle and worry free.
That is quite a difference there Bob! Good thing you checked. You’re about in Rusty’s sought weight range, if not counting your pillow.