I'd say minimal weight reduction, velocity loss you could live with. One of my favorite 243s has a 20" barrel, 'Classic Compact' Mod 70. I also like my 284 win with a 20" barrel. They are great to carry too. As long as it's done right it should shoot just fine.
If you want a lighter gun, you won't lose much weight. If that is your goal you should put your resources towards a new lighter gun. A 'Micro-Hunter' Browning A-Bolt is light & handy.