Post up the final weight and some ride impressions, I'm not much of a short travel bike fan but I need to buy a lighter, faster little bike and a local guy has one of those frames for sale cheap but I don't know much about the bike. What size shock is on it?
I did a similar thing with my '04 FXR. After retiring it in '08 for a Knolly I rebuilt it last year as an endurance race bike (I do a couple team 24 hour races a year and needed something that while not perfect was competitive). Took the Foes from 36lbs down to 28lbs with lighter wheels, tires, air shock and a few lighter parts. Kept a pretty tight budget but have been pleased with the results.