Oh, and you'll need to keep that tensioner, even if you do find a 'magic numbers' chain length solution, as chains get longer with use.
Do you run suspension forks? Bin those off for some Project 2's (or Pace/On-One/White Brothers/Bontrager carbon rigids if your budget allows) and you'll potentially save a good chunk of weight there. Tyres are the best (and perhaps easiest and most cost-effective) place to make a weight saving, as you can immediately feel the difference, and lighter tyres bring definite performance advantages. You can't beat reducing the rotating mass of a wheel at it's outermost circumference. I have a bike with Conti 'Supersonic' tyres and Conti 'Light' tubes fitted at present. If feels really light and lively, even though it's not my lightest bike. And, I've had less punctures than I'd been expecting in thorny Hampshire.
My Cnut 853 (see photo gallery) weighs less than 19 lbs. I reckon that's about the limit for a wholly reliable steel-framed mountain bike. There's not really anything on it that I can get any lighter - and still use it regularly over decent distances and mixed terrain without the fear of anything failing. Remember, lightest is not always bestest!
"Gears are like eyes or testicles. Having more than one is an unnecessary luxury." Elvis A. Presley