I've not done it but it certainly could be done.
Doubt you would get away with hollowing one out near as much as the plastic ones are though... couldn't trust a skin of laminate wood only 1/8'' or less thick!

That begs the question "How much could weight be reduced anyway?"... Probably not much, not enough to be worth the effort is my guess.
Personally, I find the USH kinda' muzzle-heavy already; near 50/50 balance between the two hands is much more preferable, IMO
