For me the variety and depth of character generation is what sold me RM (not the charts) and also those that I've introduced to the system.. I feel that a "Lite" version should emphasise those points... not dismiss them.
If you want to make it "lite" then also ensure also that the book can be used and not just discarded, which is to say that anything in it should be used, as it is, without major modification in future projects.
Include one race, Human. Include all the "base" skill options available to make it viable for fantasy, historical or sci-fi character creation. Where there are cultural differences, then these should be dealt with at 1st level by the choice of the most appropriate adolecent skill table combined with a basic "human" template.
Introduce the concept of two free Training packages to be taken at 1st level. (Just like Run out the Guns). Obviously, these would need to be balanced, and provide certain generic items and some talents as part of the package, which need to be factored into the "balance". Purchase of TP past 1st level should be at the whim of the GM, based upon the activities of the characters, this time the actual cost being based upon the Profession chosen... and a quick system such as 10% DP discount be used. No items or Talents should be gained from their purchase after 1st level.
Professions, here I would say only THREE Generic Professions, Fighter, Thief and Academic. These three can be used unmodified in additional products and are imediately useable in Historical and Modern/Future campaigns, the addition (and complication) of the differing types of magic/Psionics can be left for specific sourcebooks. But then give examples of how the base class might be changed to produce the various other Professions available.
Stats, I'd keep a 660 base point buy, then simply improve each stat by +2 each level. Bonuses using RMSS advancement.
Skills, use Skill Categories as basic advancement at 1st level, with the option of purchasing specific skill ranks in them left to later levels. Don't bother applying any sort of non-proficency penalty unless the character has nothing in that category, in that case apply a blanket -30. When performing ANY kind of skill apply the most appropriate category to the task, don't bother with specifics. Apply stat, Profession and Talent bonuses to the Category as a block at 1st level.
Talents, allow these to be purchased at later levels. Increase the cost of the Talent purchased by the use of a simple table based upon the total cost of the talents that the character already has. Thus, starting players need not bother selecting talents until they have "settled in" to the character and it also balances those Races that come with Talents built in... again an example could be given, but not detailed. The talents should be more generic, so that the number is reduced to a managable size.
Rules and Charts. A (revised and reduced) MM Table, SM Table and Basic Activity Tables Only, with a table of modifications for both. Combat Tables should be 1 for each Category, with examples of modification of those tables for specific weapons. The detailed weapons, should be left to other supplements.
Critical tables should be trimmed and made more generic, but work in the same way.
