Some will do some crazy stuff. Uncle Tony drilled hundreds of holes in his '67 Dart. Screw that...I want a rigid chassis for better cornering.
Undercoating can be worth between 50-100 lbs. Scraping it off with a needle scaler is the fastest way that I have seen to remove it.
If this is a drag race car, remove the under dash heater or A/C box, rear seat, spare tire and jack.