Nice!
I know right, soooo light. As any kids bike should be. If you can find a chromo frame just cold set it to 130. I found a junior 24 chromo frame, so they are out there. I think the fact that its so hard to find a light kids bicycle these days is a bigger impediment to bicycling than folks realize. It'd be like us adults having to ride around a 60 pound bike. Imagine how YOU would feel going up a hill on that!
Panaracer does offer a Pasela Terry 24 tire.