Just the wheel, yeah a little. Your best plan for light wheels is a stamped steel wheel, the most strength for the mass.
I wouldn't worry too much about that unless you're going after the last 1/1000 of a second on your times. If it's a daily driver
you want something that could take the occasional curb. On your tires, you want a little bit of sidewall.
The 2 1/4 pipe should let your car breath nicely & you could use an aftermarket turbo muffler. Grandma will never know.
Didn't mean to gaff you off, but if it doesn't show up under new posts, sometimes I'll miss it.
200 pounds sounds a little heavy for the AC, I think my '72 Galaxie it's around 80. Your Honda is probably closer to 50 (if
that).