An important fact to remember is that rotating mass is about 3 times harder to accelerate than sprung mass. It's simple physics. As JohnInNH said, if you're into weight savings to improve acceleration, rotational mass reduction should come first.
Tires, wheels, wheel axles, wheel bearings, wheel hubs, rotors, and driveshaft are all candidates for reducing rotational mass. Obviously, some are better than others.
From a cost/benefit standpoint, tires, wheels and rotors is where the most gain is. Weight reductions of 6 lbs/tire and 10 lbs/wheel are easily achievable over OEM. Likewise two-piece rotors on all four corners can reduce rotational mass an additional 30 lbs. That's 94 pounds of rotational mass or an equivalent reduction of sprung weight of 282 lbs.
A rule of thumb for most drag racing instances, 100 pounds of sprung weight lost equates to about 1/10 second or a car length in the quarter mile. So reducing the equivalent sprung weight by 282 pounds can probably gain you roughly 2/10 - 3/10 of a second or 2-3 car lengths improvement in the quarter mile.
Agree on the importance of rotational mass, but not sure rotational mass necessarily needs to come first. I think if the goal is to try to reduce sprung and unsprung mass, both can be achieved in any order. I am waiting for my Titan7's to be made (July?), but in the meantime, I'll try to reduce non-rotational mass where I can. I do think this thread should continue to identify areas of shaving non-rotational mass, albeit not as beneficial as shaving rotational mass. And preferably with little to no sacrifice to comfort, safety, and aesthetics. I did get the ok from Mrs. ptatohed to buy Z1 2-piece rotors so I'll probably make that order soon.
I played around with a quarter mile calculator once and found the same relationship - that every 100lb shed shaves 0.1s in the quarter.
I got my Maxima to under 3,000 lb by removing exhaust heat shields, any bracket I could, removing a metal plate from the glove box and under the steering column, switching to thin floor mats, swapping nuts for aluminum ones, cutting away parts of the trunk and hood, forgoing mods such as a strut brace and antisway bar, wheels, even lug nuts, etc. Not ready to go that extreme on a two year old Q50 though.
Also to note, reducing rotational mass also improves handling, braking, and (depending on you

) gas mileage.