There is a guy here in Ottawa Ont (I think he may have moved now) that made a knotty pine guitar. He called it the Ikea Special or something like that.
He also made what he calls the home depot dumpster guitar, out of pine.
http://www.zacharyguitars.com/071199pics.htm
Anyways, the thing is that you could select a lighter wood, like say, basswood, light hardware like a hardtail, mahogany neck (lighter than maple) , rosewood board (lighter than ebony) etc...