Cub,
I see no advantage to lightening the rifle, or shortening it. Mine handles very well and points well with the receiver sight. "If it ain't broke, don't fix it."
I will be looking at the Williams Foolproof in a week or so to see if it is bulkier than the Lyman. I somehow doubt it, so that should not be an issue.
Incidently, I have seen a couple of pictures of a sight that is mounted on the bolt of a Winchester model 71 that is very compact. They are found on GunsAmerica under Winchester Modern Levers. The bolts of the 71 and '86 are identical, I believe, so maybe there is a possibility of identifying that sight and locating one from either Lyman or Williams.
dclark