The Fox 30 is almost a pound lighter than similar offerings from the other big makers (Osprey, TNF, REI, Kelty, etc). Even at that, it uses 1" webbing, buckles and ladder-locks throughout. With a little surgery, you could replace with 3/4 web and buckles, and use cord for side compression. Probably save several ounces.
Crazy that no one makes an off-the-shelf sub 2 pound pack for kids.