Makes me wonder what it would cost to have a frame made in Reynolds 531 Manganese/Molybdenum alloy steel. It is light and very strong.
True, but Reynolds 531 is not intrinsically that much lighter than other grades of steel - its superiority comes from the fact that it is ductile and suitable for double-butted and triple-butted designs. Car tubular chassis' typically use straight-gauge tubing - but no reason why a butted design couldn't be used. Caterham built a proof of concept - at not inconsiderable cost!