No. Those old rules of thumb were guidelines in the muscle car drag days. The hp/weight equivalance will vary from car to car and situation to situation. I still here the 100lbs = 1/10 sec. or 100 hp = such and such, but there is no fixed ratio. Just know that lighter is faster and more hp is faster. You will not know the actual gain until you run the car.
Check out the chart under the heading "What are the numbers?" in http://www.nsxprime.com/FAQ/Performance/gears.htm In addition to acceleration changes due to changes in gearing, it also shows the changes due to changes in weight and power. The NSX gains slightly more performance by adding 20 HP than by losing 200 pounds.
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