I do have some data but not near enough to draw many conclusions. You are correct about changes having consequences. Sometimes disastrous, sometimes for the better, and sometimes just not worth the work. A big factor in doing something "different" is figuring out what is good enough and/or is it worth the cost/savings.
1. I would estimate the cost of PMF (poor man's fiberglass) to be 50% or more less than epoxy/fiberglass.
2. Don't see a practical difference in weight. Only enough glue or epoxy is used to fill the weave. Which weighs more 6oz. fiberglass cloth, or cotton bed sheet? That difference couldn't be enough to matter.
3. One would think PMF would be weaker (and it probably is). One of the questions, is it strong enough? How and where we apply it can make a difference. More suitable as a waterproofing, protective and strengthening skin than used as a part of the structure. Think in terms of canvased covered strip canoe, not a Uncle John's pirogue that the fiberglass holds the floor to the sides.
Anybody have any experience with canvas covered canoes?