In general, lighter gear means more expensive gear. But worth it IMO.
To some extent, but really you can lose the majority of the weight without going to a lot of expensive specialty items. I could get to 6.5 pounds of base gear weight (everything including bags, gear, and clothing, but excluding bike, food water, and fuel). That doesn't include 1 pound of tools and spares that always stays on the bike (I include that in bike weight not gear weight).
That would be if I left all of my luxury items home. In reality something in about the 10 pound range is what I wind up with.
That is with no fancy Cuben fiber stuff, but some cottage industry items in more economical materials. Total gear cost comes in at something in the $1000 neighborhood, but I once did a list that could be had for about $300, assuming the user already owned clothing, that managed to go pretty light. The last few ounces that I could save by buying a buch of higher dollar stuff are not worth the cost to me.