Yes, a longer arm will have higher eff mass.
I can't say I know exactly the equivalent compliance of the cart, but it clearly states 7cu @ 100Hz. My estimate is based on other carts also spec'd at 100Hz, and their equivalent cu. Because this cart weighs over 10g, which gets added in for estimates, I suspect messing with the weight will be counterproductive.
I've heard countless stories of people who couldn't leave well enough alone and broke something in their quest for perfection (including me). As I said previously, a test record might be wiser than experimenting. By all accounts that's a great cart. Enjoy it.
neo