I know the original poster isn't interested in my modifications because my bike is indeed a "marriage" of bike parts. But, just to add perspective to the conversation, I went down the path you are asking about in an attempt to get as many improvements as I could. I adapted yamaha cast aluminum wheels to my commando. I also used an aluminum rear sprocket, tubeless tires front and rear, a fiberglass front fender. The yamaha brake disc is lighter than the lockheed disc. The yamaha rear hub is a modern cush drive set up too...
I'm sure my wheels are somewhat lighter than stock commando wheels. I'm not sure if they are as light as aluminum rimmed stock commando wheels. (I should weigh my set up to have an exact weight to compare against stock) It would be hard to make modifications and then claim you feel a significant difference, if it took you a week to get your bike back on the road. I believe if you swapped bikes for a side by side testing, you would notice some differences.
What does it mean in a practical sense?... probably not a lot since we're not pushing our bikes to their limits in a race, but ride quality will change incrementally. Every time you make an improvement, you get a little better performance. If you do enough improvements the differences begin to add up...
Recently, I swapped bikes with someone at the norton rally, The other rider, who rode my modified 750 thought my steering was lighter, quicker and better handling than his 850. I thought his 850 had greater low rpm torque than my 750, and was a rock solid bike, with a bit heavier, slower handling, but very stable going straight. I was surprised that he instantly felt a significant difference in handling in a positive way. I would have thought that the difference wouldn't be big enough to overcome the discomfort from going to opposite side foot controls, different sized handlebars and my rear sets, but he actually commented on the handling quality, which I attributed to my lighter unsprung weight, new roadrider tires, and my steeper '70 yoke geometry.
The differences add up, but aren't worlds apart... The more improvements you make, the more things add up.