I've heard that "rule of thumb" about the 100 pounds = .1 seconds on the 1/4, but I'm just not that sure. I mean, if you remove 1000 pounds off the car, you'll only improve the 1/4 a second? I bet that if you remove 700 pounds from a 3rd gen Protege, to get it to about 2000 pounds, with the stock motor, the car will improve a lot more than a second in the 1/4 mile.
By the way, weight reduction will pay even more dividends on a road course, since not only does it improve power, but it improves braking and handling a lot.
100 pounds off a Protege is an easy .5-.75 seconds on a typical road course.