Actually, it's strategy that occurs in some forms of motor racing all the time. Not filling up the motor, gearbox, and diff oil completely. Not only do you save weight, but you reduce the drive train loss as the gears/whatever are "slapping" the oil bath rather than pushing through it (think of it as the difference between moving your arm touching the surface of a pool compared to underwater in a pool.
Of course, it's a risky thing to do, cause fill it slightly too low, and the parts aren't getting enough lubrication. Thus, it's mostly utilised only in qualification...
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