that's fricken
If it runs gas:water 1:1 you could cut the amount of gas in half and replace with water and when you remove the cooling system the weight difference wont be that big. Also removing the water pump will save HP on any car that uses a belt driven pump. Another advantage would be the change in aerodynamics, no radiator means you can close up the front of the car/truck. The engine could be smaller since it wont need water jackets.
This will be cool to watch and see what becomes of it.