Here's a 160 I put together a few years back.
There's a thread on it here, and a more complete one on advrider.com
http://www.dotheton.com/forum/index.php?topic=33195.0
http://advrider.com/index.php?threads/1966-ducati-160-monza-jr-rebuild.521288/
I just read all 9 pages here and will probably forget a few things but here are a few comments in no certain order:
My bike weighed in at just under 250lbs on the shipping scale at work. That was with maybe half a tank of gas and everything needed to ride on the street.
Chromoly isn't any lighter or stiffer than "regular" steel. The majority of garage builders who use it gain nothing other than a tube that's harder to dent. If you go to a thinner tube to save weight you have to go to a larger diameter to gain back stiffness. Moot point I guess since you went with a factory frame. Speaking of which... I'm curious if the stock Ducati frame isn't lighter than the one you used? No idea, I didn't weigh mine either. I know they aren't impressively light though.
Engine mods. Buy Tom Bailey's "Ducati Singles" book. It has info on modifying a 160. The first bit of advice is, don't do it. From there he goes on to say that high compression pistons aren't avaialable anymore so most guys trim a bit off the bottom of the cylinder. Guys in Australia use some sort of Triumph piston. It's pretty well know the ports suck, but there is info out there on what to do to make the best of them. Serious guys do major work with lots of welding... Pretty much nothing from the larger singles fits with no mods, if at all. Cams from the larger singles can be modded to fit. The countershaft sprockets fit either engine. The 160 sprockets use a lighter chain but are harder to find and you haven't got a big choice in sizes.
Hmm.. what else...
That's about it I guess. Looks like a fun project but I wouldn't worry too much about brakes, you wont need them often.
On an early ride the throttle on mine stuck wide open. Scary at first but humorous once I figured out what was going on.