I would guess you are asking for trouble if you remove the weight and shoot full power ( 130 PF ) ammo. I'm sure that Ruger designed the system considering Newtons second and third law. So while the momentum (force) generated by 130PF ammo is within original design limits, if the mass of the bolt is reduced the bolt will be accelerated to a higher velocity. Not sure what the result of this would be in practice, but probably not good.
However, if the load is reduced to 110 PF, such as those used for Steel Challenge, then I'd guess that a reduction in the mass would be OK since the force acting on the bolt is lower. Would have to do some math to calculate how much is possible. In fact, reducing bolt mass might actually be necessary to get the gun to cycle reliably.