Granted, I don't have an Elio hood to weigh, but I'd bet money I can make one twice as stiff, and half the weight. Same goes for the wheel fairings and back hatch. The vents (again, I have no real-world data to back this statement up), 'should' help the aerodynamics by routing the engine compartment air up and over the Elio, rather than dumping out the bottom (which in my minds eye would tend to lift the vehicle). Of course I won't know for sure until I do it (jeez this is going to be a loooong year!), and if there's no gains, or even a loss of mpg, I'll be going back the stock design...and the drawing board (CAD screen now days).
I seriously doubt that. I laugh when some young guy goes out and spends huge $$ for a carbon fiber hood for a subcompact car. Your average subcompact's hood weighs less than 8 pounds. I had to replace my hood on a Mark 4 Jetta, and it was around 7 lbs, with the liner installed. Aftermarket "carbon fiber" hoods are the cosmetically pretty variety with a lot of resin for high shine and nice appearance and are almost ALWAYS heavier than the stock unit.
Real carbon fiber is pretty ugly; if you see "CF" parts on motorcycles, cars, etcetera, it is the pretty kind and not really that light.