It's possible but you it really needs to be very strong to take the abuse of a 4000 lb car being driven over bumps and potholes. Nevermind if you are putting out some serious power. There are a lot of other places I would look for weight savings first, then if those didn't get you where you wanted start looking at the tubular subframe. I don't know if you would be able to shave any mroe than 25-35 lbs from the subframe by making it tubular. Just putting in a small gel cel battery and relocating it to the trunk would loose you a good amount of weight up front.
So don't get me wrong I not saying don't do it or attempt it, but if it were me I would do some other easier weight saving methods first then tackle the hard stuff.