If I remember correctly, my aluminum manual steering box was 14 Lbs and the Iron power steering box was 49 LBs. I saved 35 Lbs right there alone.
I kept the stock steering geometry and all for that stock look, but changed my strut bars, center link and Tie rod sleeves for aluminum and or chrome-moly to save a few more.
This and all while not counting the belt, fluid, hoses and other misc stuff affiliated with such a system.
Could I have gone with a rack? yes, but I wanted a more or less stock look.
The rack will indeed take off a good chunk of weight though based on the above numbers of a factory set up. There are quite a few options out there with different racks.