jjdurso,
To answer your question (sorry for the delayed answer), let me throw this at you. With the 97 slide mounted in a vise, and 4" of the barrel sticking out of the vise unsupported, you can "bend" or deflect the slide .020" from side to side. That's a lot, but nothing to worry about. I would not want to reduce the rigidty of the slide significantly by removing the amount of metal you indicate.
amygdala,
This one, less the cost of the pistol, was "around" $1,400.00 +/-.