THis mights sound crazy, but what about dropping the T-40 pickups and electronics into a swamp ash body? It could be a direct replica of the T-40, just in swamp ash or even into something along the lines of a P or J bass. Seems like a swamp ash body would be a LOT lighter than the hard ash Peavey used. They've got another T-40 at the local shop and even though I'm sure it can't it feels like it weighs twice as much as my Jazz. My jazz has a swamp ash body, so that's what got me thinking about it...
That is crazy enough that it might actually work. If produced in Asia like the Grind and the Millennium BXP products, Peavey may be able to hit a price point where a new, lighter, T-40 tribute is less than the going price of a used original.