Ok. (I made no attempt to account for the end "caps" and am using the weight of a straight walled section of tubing).
Chromoly:
1.25" = 1.22718462890625
@ 40" long that is 49.08738515625 cu in
1.06 (inside "hollow" diameter) = .882473375385 sq in
@ 40" long that is 35.2989350154 cu in
Subtract one from the other, you have
13.78845014085 Cu in. left.
X .284 = 3.9159198400014 lbs (chromoly)
Did I screw up the math?
Steel:
I get about 4.8393595935424 (when I say roughly, I run it out to 13 decimal places

) lbs for the steel one.
So, I'm only 50% over weight. Not bad (It's made of .250 wall steel tubing, maybe I'll cut it in half and make a killer set of LCA's out of it.....

).