Some of the MG and USH locos are very heavy, probably too heavy. I have reduced the size of the weight in a couple.
On the other hand, I don't think you just take the weight out. A steam locomotive, and a diesel for that matter, has to have the weight somewhat evenly distributed over all the drivers. The motor is a heavy piece of hardware and sits in the rear mostly over the last set of drivers. If you take the cast weight out, a lot of the locos weight sits on the last axle and the nose is too light. this causes a major loss of tractive effort, and a lot of potential for derailments with the lead truck and drivers.
If you want to take out some weight, I think you need to leave enough weight in to balance the motor. The farther forward you put the weight, to some extent, the less you need. If you take a half inch dowel rod, and put it cross ways between the 2nd and third axles on a 4-8-4 for example, the loco should sort of balance. It won't be exact, but it should not be obviously heavy in either direction. Balancing the weight across all the drivers gives you better tractive effort and tracking.
On a separate note, I agree that the MG motors are slow and I have replaced most. However, I have not replaced motors in most of my USHobbies models. I lube them a little and run them and they run fine. I am assembling a painting a 2-10-0 that was "new in the box" that I picked up a few years ago. It is runs very smoothly and well. I am not going to mess with a good running mechanism and motor. I use DCC and I have no problems with using these USH motors. My decoder of choice is generally the NCE D408SR. The control is good and smooth.