Welcome to the cutting edge of ultralight backpacking gear, circa 1995 (-ish?). This tent has been around for quite some time, and is now a tried and true trail classic. Once upon a time, during thru-hiking season, there was hardly a night where every 20 mile stretch of the AT didn't have a SD Lightyear pitched alongside it.
Sure, the Lightyear could be made be made lighter and more functional, but for $50 you've got a very well tested shelter thats only 32 (+/-) ounces or so heavier than the latest and greatest single person fully enclosed shelter...which would cost you 4 times as much (very possibly more) as your price. With a pair of shears, I bet you can get that tent close to the 3 lb. mark (leave the stuffsack at home).
Don't sweat the tent not being freestanding. Few options lighter than your tent are. Even supposedly freestanding dome-style tents are almost always staked out to maximize stability, floorspace, or make the tent fly usable. I'd wager that the SD Lightyear has been pitched in pretty much every kind of terrain and has crossed the finish line of more thru hikes in the last 15 years than possibly any other double walled shelter. And, hey, you already set it up in your basement...how easy of a pitch was that?