It's an effort in futility with an all iron big block up front and I doubt it would even cut 50#. Do the hood cuz it looks cool or you need the clearance. You're just lying to yourself if you think it's going to make that truck turn. There's much cheaper lower hanging fruit elsewhere.
It doesn't matter if it's my newphew Derick Krammer running his American Ethanol NHRA Pro-stock Dodge Dart Running mid 6's, or a 3 ton truck.
For every 100 lb. reduction in the weight of the vehicle you gain a ~10th of second on your time slip.
So while you're installing internals to lower reciprocating/rotating weight; don't forget the weight of the truck itself. The hood idea is just one example.
-One input to increase while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output,
lee