I think you've summed it up yourself Wilf...these things tend to be the law of deminishing returns ...geting the first few pounds off is easy, but shifting those final few will cost you lots!
How much cash you got

...titanium frame, bolts all around, mag cyclinder head/side covers, carbon panels, the list can go on but i'm sure you know that!
From what you see on the super dooper race bikes is that it is attention to detail...anything that can be minimalised/reduced in weight is done so without question. You can also compare this to road cyclists some of whom can become absolutely fixated with the weight of their bike and each and every component on it...weighing EVERY bolt/cable/screw/tape that is used in its construction....and then they finish mid pack in a race!
Also, although perhaps not that relevant to your circumstances with racing(?), but check out the weight of the tyres you use. Shazzam posted an excellent thread some time ago about how the Dunlop 207rr's where significantly heavier than the Pirelli equivalent (Diablos I think?)...and when you worked out the reduction in rotational mass, it was the equivalent of switching from stanadrd road wheels to Mags!!!
Not sure if the same theory can be applied to your race tyres?
If I'm honest I think the best way is to lose pounds from the rider! Take the money you would burn on bits for the bike, and join a gym/fitness class and aim to lose the extra 10Kg from you instead of the bike. Not only will you feel better for it, the bike will be faster and handle better, and you will last the race better also with your imporved fitness levels.
Everyones a winner!
[Edited on 8-3-2006 by Harv748]