A 700 Sendero contour is about 4.5lbs at 26", and about 2.75oz/inch. So about 3lbs 13oz at 22". I would think that you could drop close to 8oz by fluting it, but I may be wrong. If it's 8oz heavy unfluted, will you really be that upset with the finished weight after fluting? It should be in the ballpark of what you're shooting for. As long as you're not in a competition with a weight limit, I wouldn't worry too much about an exact weight, as long as it's close to the target weight.
That said, you could just as easily go with a different contour. Skipping the fluting would save money. A light Palma at 22" will be close to 3lbs 6oz at 22" without fluting and should be good for 5/8" threads. Roughly .850" diameter at 22".