If it’s a straight forwards weight Vs cost equation, I suppose you could look at making weight saving compromises elsewhere on your “race” bike to accommodate using that steel frame.
Apply a bit of the “less is more” philosophy?
1×10 or even SS?
Rigid fork (carbon or alloy maybe)?
Maybe spending more on lighter drivetrain and finishing kit? carbon for seatposts and bars, some XTR bling…
Diddy rotors could maybe shave some grams, but 140mm rotors to slow down a 29er?
I suppose a big part of it is how much (or little) are you willing to spend and what compromises would you accept to get a steel framed race bike down to a weight equivalent to a Carbon framed one….
It can be done, but you’ll probably end up spending marginally more to achieve about the same result in terms of weight, so is riding a steel framed bike really that important to you?
Perhaps it’s better to pick a couple of off the peg carbon race bikes (Say a stumpy and a whippet XT build) as general benchmarks, and just go from there…