Yes Allen it can be done.
I built a Ringmaster a few years back that weigh 19.7 oz.
I used a one piece leading edge that was routed out much like a Flite Streak. Using a one piece leading edge and spar negated the use of a heavy plywood doublers.
The fuse was very light 3/8 balsa (thank you Elliott) cut out and sheeted with 1/16 very light balsa.
the kit uses 1/8 ply for the nose doubler, which was necessary for the shaker motors of the time. Since the FP .15 is a VERY smooth running motor. I went with 1/32 ply doublers.
I knew that the plane would be very light, so I used smaller diameter landing gear and a pair of very light wheels
The wood through out was very light, as the build was to prove the a Ringmaster could in fact be flown with an FP .15.
The wings were covered in dyed medium silkspan and the fuse and tail feathers were prepped, finish and painted with dope
I flew it on .012 x58' lines with the FP spinning an APC 8x4 prop.
So.........
how good did it fly?
Uncle Jimby borrowed it to fly in old time at the Golden State Stunt Championships and won. Of course beating me in the process (this is why I don't let others borrow my planes at contests anymore. Its VERY embarrassing to get beat by someone who is flying your plane)
Bottom line, the plane flew GREAT. until the wind came up. Then it wasn't very much fun to fly.
Larry, Buttafucco Stunt Team