I was faced with a similar dilemma for my cast iron Ford Toploader application, I like to save weight and money too!
I ended up machining my own bearing/seal housings and fabricating the rest of the tailhousing from sheet steel...
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Bearing and sealhousings were machined from cold rolled steel round stock, the center tube is 2-1/2" dia x .065" tubing, the upper bracing is 14ga steel.
Made it easy for me to put the shifter bracket on the pass side, which allowed me to make a lighter shifter bracket. I wanted the shifter location to be high and above the output shaft, placing the short stick shifter in my console opening. I don't have a shifter installed picture for the Toploader, but it is similar to this shifter arrangement I made for a Saginaw...
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My formerly all cast iron Toploader now weighs 91.4lbs full of oil with a slip yoke installed.
No problems at all, at this point the sheet steel Toploader tail has been in service for 10 years.
Grant