It's not the easiest thing to do, just like on ourselves...
Weight Reduction.There are two types of weight to consider on a bike. Sprung and UNSprung weight.
Unsprung weight is that which is below the springing. Lowering the unsprung weight results in better handling by having less momentum when the wheels bounce around causing the bike to have faster response to road variations. This one of the reasons why discs are drilled, aluminum wheels were made etc. There's not much you can do on the Savage AFAICT to reduce unsprung weight, maybe than remove the front fender and the belt cover on the rear. You could put on aluminum wheels, but that's probably a task that would be more trouble than it's worth.
Sprung weight, of course, is anything above the suspension. the rear fender could go, the sissybar and side trim could go, and the stock muffler is also an easy choice and is quite heavy compared to a pipe or harley muffler. Other things might be the tool kit, side pans, air box, get smaller race styled handlebars, kickstand (if you're gonna race). I once saw a formula that equated pounds off to horsepower added but durned if I can find it now. It may have been in a book.
When I rode an RD350 when I was about 25 I actually dieted to reduce pounds from the rider as well. Thats something I should still consider 25 years later, but i'v only added a pound a year, so that's not to bad, and the Savage IS torquey.

Hey, I found a calculator...
http://www.amaprostar.com/dynos.aspIt's kind of like back packing. I used to cut most of the handle off my toothbrush to lose an ounce. When I began backpacking, I toted 45 pounds on my back, by the time I stopped, I could pack in all I needed but had whittled it down to 23 pounds, a few ounces at a time.
I guess you could do the same as well on your bike.
Also, another thread from another world...
http://www.sport-touring.net/cgi-bin/msgboard/ikonboard.cgi?s=6ec51f08bf47618...