In all honesty you’d be better off saving the money for a Hup for the next bike.
Edit: Sorry, should have added, the Luath is quite weighty, cassette is the biggest weight but frankly you’re better off with a large sprocket on it anyway 40t or so and a smaller chainring (28 or 30t). depending on its age, the fork is quite weighty too. The wheels aren’t that bad however your talking stumping up a fair bit of case for a marginal weight saving. Less draggy tyres will help if riding off road (particularly racing) such as small block 8’s.
Fitting a titanium square taper BB will save about half the weight of the current BB of it’s square taper.
By the time all that’s done (or found some reasonably priced light weight 26″ wheels) it’ll be time to move on to the next size up.