I have never seen the Magnum foam wing. Is it "cored out"? That is, are there three hollow sections, from root to tip, with a foam spar left between the sections? If not, maybe you can have it cored to remove some weight.
After building foam wings for quite a few years now, I have come to the conclusion that you save very little weight, if any, by doing the "partial sheeting with capstrips" method. You then have to cover it with something, like poly span, fill it with dope or some other product, and then go thru the typical finishing. It is much easier and faster to simply fully sheet the wing. It will be stronger and not much heavier.
That said, I have done the partial sheeting method, but on smaller planes only. Anything larger than, say, a Nobler, and I would be worried about that wing holding up with partial sheeting.
One area to be careful here is the amount of adhesive used to attach the wing sheeting. I use epoxy, but there are other adhesives that work. I stay with epoxy because I use Bob Hunt's method for attaching the sheeting, which uses much less epoxy, but you still get a very good bond line. It works well for me and I am not about to experiment with anything else now.
I would weigh the kit wood and see if you can find lighter wood. That might be impossible these days since contest wood is very hard to find, and very expensive if you do find it.
You can certainly do an all-wood wing. It should be a bit lighter, depending on the wood you use and your building and finishing skills.