It might help some, but it's not going to take a huge amount of weight off. I would say probably 4 to 6 ounces on a 16".
Cost would be around a hundred bucks to teardown, flute and rebuild. Shipping would be about $10.00. Turnaround times will vary. The machine that does the fluting is also used for another machining operation, so it only gets set up for fluting once a month or so. Plan on 4 weeks.