Back in 1992, Craig Barrie built and atempted to race a VERY light 38 Cigarette. We heard that it had run 110 in Biscane Bay. At the time, the fastest big V's (Apache 41) were lucky to hit 100.
So we thought he would smoke us, and everybody else.
He didn't make one lap in the 3-4's at the OPT race in Chicago, because the thing wouldn't stay in the water. Bounced around like an out-of-control cork. A totally worthless POS in anything more than dead calm.
He said that it was an "interesting" experiment. but that there's a point of diminising returns with weght reduction.