It's been so long that I really can't remember how big the difference was... I know I was rather surprised by it. Reducing rotating mass has a bigger effect, pound for pound, than other weight reduction.
There is a lot you can do to lighten the MKIII:
Remove the power seats.
Replace the stock baffled muffler and resonator with free flowing resonance based muffler and resonator.
Tubular intake manifold.
Replace the heavy stock noise matting with modern noise liner.
Delete the A/C system.
Convert to a manual steering rack.
Delete the rear seats (and do NOT replace them with a wooden or reinforced fiberglass box).
Do NOT add a subwoofer.
Remove the spare tire.
Run a rebuilt W58 transmission as opposed to the R154 (if your car has a R154); This one isn't as recommended on a high power build, the W58 is not as durable... I prefer the W58 though as it is lighter and smoother.
Lightweight flywheel.
Lightweight driveshaft.
Lightweight wheels (weigh the rims and the tires.... sometimes a smaller rim with a bigger tire is lighter and sometimes it is the opposite, it depends on how they are built).
Drive with less fuel in the tank... :P
Replace the charcoal canister with a smaller unit off of a newer Toyota or other import; One from a Toyota is recommended as the plumbing will more than likely be the same and require no modification. The CC from the Tercel is about 1/2 the size and weight of that in the USDM 7M MKIII.
et cetera, et cetera.....
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