Yes, on both counts, and Yes in both cases.
I have replaced a generator on a Cub with a B & C lightweight alternator. As I recalled, that saved about 5 or 6 pounds. The big improvement, though, was that I could actually leave the landing light on for more than ten minutes without running the battery down.
If I were to do this again, and what I'll do when this alternator shoots craps, is go to one of the new Plane Power alternators. They are lighter than B & C, they are self regulating so you do away with regulators and that nest of wires ahead of the firewall, and they are available in several flavors: 40 up to I think 70 amp. Best of all, unlike the B & C, these are pma'd, so easier to get approved.
As to starters, I had a lot of bad luck with Lycoming geared starters in Huskys-they never lasted more than 400 hours. Switched to SkyTec starters, and never had a problem again. Weight difference: 8 pounds.
At one point, I put a Lamar L/W starter on my 170, and it didn't last 200 hours. Replaced with a Sky Tec, and it's going strong after several hundred more.
The L/W starters also REALLY crank hard, so for an airplane that has a sorta wimpy start, these are really the ticket.
No down sides that I've found.
Another thing to consider is the Odyssey battery. Eight to ten pounds lighter than a standard battery, and THEY also crank like crazy. Friends just put one in a 140 and couldn't believe the difference, even though the "old" battery was only two years old.
We took a total of 44 pounds off several Super Cubs, by changing Generator, starter, battery and oil cooler to more modern components. That's serious weight savings in a small airplane.
MTV