I did put Rebas on my wife's Kona (shedding tears as I cut the steerer to fit) and also put on Kevlar tyres. Both together did make a fair reduction. It didn't cost any real money as the parts had become spare after a rebuild/upgrade on other bikes. Psychologically its lighter and its easier to handle and (very importantly!)easier to lift over fences but it hasn't made much difference to her riding speed. Wheels would be the next option but you start to get into a lot of expenditure and have to consider if weight is really the main issue. Does she use SPDs – does she ride as often or have the same skill level or want to keep up? Can she keep up if she is on your bike and you on hers – or similar swap if sizes aren't compatible.
I've shed a load of weight off my bike and I still can't keep up with my son. (and just to confuse the issue there is barely any difference in my speed over a given ride if I am on my lighter bike or his heavier one – 1 minutes difference comparing 2 timed runs on the black at GT for instance)