Just for info from when I rebuilt my engine 7 years ago:
Figured Id weigh the pistons and rods in advance of having the rotating assembly balanced, so I got out the trusty digital mailing scale and this is what I found:
Pistons (with pins, w/o rings):
1) 1273 grams
2) 1274
3) 1274
4) 1274
5) 1273
6) 1274
7) 1273
8) 1274
This was after Merchant cut the lips, but the pistons where all cut the same, so the weight savings were the same.
But.....
LBZ rods (w/caps & bolts, w/o bearings)
1) 1176 grams
2) 1176
3) 1180
4) 1169
5) 1186
6) 1175
7) 1193
8) 1173
Huge swing on the rods. I think this is where balancing helps the most.
Also, this thread concerning rod/piston weight: http://www.duramaxdiesels.com/forum/showthread.php?t=627&highlight=rod+weight