I doubt that this truss would save any weight, you are replacing the holes with quite a bit of steel and as you said, the option is a very bulky material to start with. This is very strong though so you are correct that this would keep weight lower (but not "low") and be very strong.
You mentioned not wanting to dimple, but that might be your best bet if you are planning to save weight and get a little more strength out of your steel.
Keep in mind I'm looking at this completely from the academic perspective. I've never built an axle truss and likely never will. That said, where do axles typically bend? I've seen several trusses that cover from perch to perch and some that are a simple tube only bracing over the pumpkin. If you expect problems with twisting the short brace can be ok, but if you are really trying to keep the axle from bending in an arc from wheel to wheel, you should plan on using your truss to absorb as much of the force out on the end as possible.
For example, if you are trying to resist bending the axle in the arc and you have 2000# on one wheel and brace A is 18" from the wheel, it will have to resist twice the loading as a brace that starts to absorb the forces from only 9" away. A brace that only coveres the pumpkin and a few inches of the tube such as this one-
probably won't help resist bending moment much.
One like this-
will begin resistance to upward bending much sooner and could have more capacity, but it is thin enough on top that it would have to be well anchored to the pumpkin to displace the upward energy you are trying to divert. In my (unexperienced) opinion, there should be bracing all the way to the perches to absorb moment as far out as possible. Also, it should have enough steel on top to help resist the bending moment in the brace, not just transfer it to the pumpkin. That big ugly sail that someone had (G Sequoia?) was actually pretty good imo. It went out far enough to do some good and had plenty of steel above the pumpkin to transfer the bending through the brace rather than back into the axle.