No it will not make a difference on a street car, you only shave off 1/10 of a second for each 100lbs you take off the vehicle. On a street car it's not worth it all, but to the hardcore dragster going from 14 seconds to 13.90 at the cost of 100lbs is well worth it.
Some other options:
Cold Air Intake or Short Ram Intake
Headers
Lightened Flywheel
Stage I or II Racing Clutch
Aftermarket Camshaft and Valve Springs
MSD Ignition system
Aftermarket Intake Manifold and Throttle Body
Also with the GSR motor there's the possibly of dropping in an LSD for the tranny. (I can't remember which B18 tranny's came with LSD though)
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