I have a sporter with an ER shaw factory contour barrel (also called pencil IIRC), trigger work, and a 3-9 scope.
If you went with a lightweight stock, and a trigger job, it would make for a very accurate lightweight model.
Others have gone very extreme and redone the bolt and a few other modifications, get's expensive but will eek out that last .02 of accuracy. Beyond that, I think you are approaching the limits of the factory receiver. But since you seem concerned about the weight, I will assume the object is to build a plinker, not a bench rest unit.
I wouldn't call my setup a 200 yard model, but I wouldn't be afraid to take a shot at something bigger than a squirrel at 100 yards with it, (I ping pop cans with regularity) inside 75 yards I'd take a shot at anything. inside 50 yards, I would put money on a called head shot