I'll be a chicken and say everyone has good points here. I'll also go out on a limb with a few observations (remember, these are just my opinions).
Lighter can be better TO A POINT. Definitely better than a porker that stalls beyond the lift capability of the surfaces or opens up corners and loops in the wind. But what's too light? Ever had one so light you were thankful you had Morris adjustable controls so you could dial out a bunch of flap to get it to corner properly? That's too light for the original design parameters. Yeah, you salvaged it by dialing out flap, or trimming off flap with a number 11, but does it fly better than the original? Maybe, maybe not...
Also, these things have to last more than one or two flights in those conditions you are optimizing them for. Sure, the heavier, the more the G's add up against you, but you still need a minimum amount of structural soundness to last at least a few years we like to get out of one of these. I've got the stress cracks to prove it on my super light weight Jap tissue Tony after flying it in some 25MPH stuff at Whitehouse several years back. It now hangs on the wall...
Bigger props give more thrust and can be better TO A POINT. (I dislike the handle loading and GP when the props over a certain size for a given air frame/engine.) Every pilot/plane /engine combo seems to have it's own limit on reasonable prop size, and you know it when you feel it.
One problem I see is the design mentality we've kinda locked into as late. Many of the designs I see built have some un-achievable target weight for your average builder, unless you are a master builder/finisher.(or use plastic film or something.) So, you set out to build your 62 ounce world beater, and it comes out 72 ounces, which for many designs means grossly tail heavy. I would posture that if you know what level weight you typically can build at, rather than keep building the same tail heavy overweight ships one after another, why not shift gears and change the design you choose to build. Or, modify that design a smidge. Shorten that tail moment 1/2" and lengthen the nose moment 1/2"? Try a different built up tail design, sweep the rudder forward instead of back,mold the rear blocks, and I like Doug's thoughts on stablets, but I'm not sure what weighs more, the glue, fillets and stablets, or a little more tail area, but it sounds reasonable.
I guess what I'm saying is, the right tool for the right job. Maybe the right stunt ship for you or me, isn't universally the right stunt ship design for everyone else. That's a GOOD thing. Man, it sure would be boring if we all agreed on the ultimate design and the flight line was just full of one single optimum design. I like the variety of approaches people come up with to build a better mouse trap. It's what keeps this whole thing interesting for me, and challenging.
Flame away,
EricV