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I gave $125 for it so I have a little room for tweeks. The frame is Cromoly. Anybody got ideas to lighten up the bike sans buying a new bike?

Yeah, ride that thing as is until you break stuff, and then patch things together with zip-ties and duct tape. Then buy a new or new-to-you bike. As others have said, it might be good money after bad to try to convert the hybrid bike into something it doesn't have in its soul. I'm not knocking it--ride with joy!