Got the XT cassette mounted, because it was something to do in 100° heat. This will be a super interesting post.
Yup, looks like a cassette. The old Ultegra was 234g (without 1mm spacer), so I'm only "gaining" 47g in weight.
This is a 2.0-2.5mm spacer that I used with the Ultegra cassette, and it worked fine here. Maybe the cassette is a touch more outboard than I expected...
...but in the frame (I slotted into my bare Fuji S12-S LTD frame) it's got plenty of room/clearance for the chain and the seat stay.