Let's see...single turbo 2JZ is about 450 lbs (same as the Buick 350 actually), 6-speed is 170 lbs absolute tops, which, no tcase...vs. a 600-lb V8/170 lb (dry) 727, 90+ lb transfer case, plus probably 50 lbs easily from the front end and driveshaft...
Yeah, I'd say you're saving some weight
I'm sure you've already done all of this math though...
Minus another 100 lbs in scaling off the frame and floors
And if you swapped it to narrow track (since I see the flares are rusted out anyway), you could get fiberglass narrow track front fenders, eliminate some wind resistance, AND shave some weight off the rear axle
Don't worry I'm <mostly> joking on these suggestions. Looking good!
'71 Wagoneer (DD)
-B350 (HEI, iron 4-barrel, Edelbrock 1406), 700R4, D20
-'74 D44 front (nonpower discs)
-custom headliner
-Front shoulder belts (rears eventually)
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Dec 1962 Panel Delivery
Woods Find
All Original 4x4