I was going to wait and do mine when I changed tires to something lighter, but I got bored and couldn't wait. I did the front about 3 weeks ago and the rear last week. The rear still has a slight leak, so I may need to reseat it again.
In my opinion, a compresor is a must for seating the tires, you might be able to get it with a floor pump, but why fight it, go to a gas station if you need to.
The stock tube weighed in between 0.17 and 0.18 kg (hanging scale). Total project knocked 0.22 kg (220 g) off of the bike. Almost 1/2 pound rotating weight. The stock velociraptors are heavy, the front at 0.82 kg and the rear at 0.81. I figure with some modest 600g tires and the ghetto tubeless will knock 600g total rotating weight from the bike. Not too shabby. I wish I could find some ultralight 20" tubes. That could possibly shave another 10-15g per wheel.
Alpine 550 - stock w/ Manitou R7 front fork
Before conversion 13.06 kg - 28.77 lbs
After ghetto tubless 12.84 kg - 28.28 lbs