ASME PVHO-1 says that ASME VIII Div 1 or 2 be used to design the vessel. As most US staes require ASME U-stamped vessels, there are no loop holes. It has additional requirements for internal heads and does have some optional rules for external pressure design which may reduce some weight.
Your only option to reduce weight is to make the vessel div 2 (higher allowable stress).
In Europe, the vessel codes allow a higher allowable stress and therefore thinner shell (ASME PVHO is used to design the viewports only).
Most of PVHO-1 relates to the design of viewports.