Plus the weight of a PSRU and its cooling system, which would add 100 pounds anyway, I'd think, to reduce 60,000 RPM to 2500 or so and handle 400 hp doing it.
Soloy did it for the Cessna 206. They're using that same Allison C250, which is now made by Rolls Royce. The airplane's nose isn't that much longer than with the IO-520, telling me that the engine's total weight probably isn't all that much less. Unless they have those huge NiCad batteries up front on the firewall, maybe, for starting it.
http://www.soloy.com/Products/Fixed+Wing+Aircraft/Turbine+Cessna+206+Mark+1/default.aspx
The basic conversion kit is $590,000.
And that, of course, is why you don't see many of them.
Dan