I have that one too and I agree it weighs a ton! The bulk also makes it kind of a problem to get anything at all out of my seat pack, to change a tube or whatever.

Topeak has come out with a couple of lighter multi-tools lately, that have all or almost all the tools on that one, but I haven't seen or held them to know how functional they would be.

What kind of riding do you do? If you're never out in the boonies, you could get by with 4,5,6 mm Allen plus whatever it is your cleats attach with.