Definitely leave the sugar behind. In addition to the molassas tastes it is going to leave, it is going to dry your beer out as well.
You would have to bump the extract up to 15 lbs to get the same 10% ABV and to have even the minimum of body to make the beer even drinkable.
"LIGHT" in the brewing world typically refers to ABV and drinkability, not color. You can make a dark colored beer that is "light" in its drinkability, or a light colored beer that even the best of drinkers can't finish more than one of, like your proposal above.
You recipe above is going to be light in color, but make no mistakes that it will be a heavy beer with a good bit of alcohol burn. You can't make something that tastes like Bud Light but has 10% alcohol. Doesn't work that way. This beer is going to taste like you put 1/2 a shot of vodka into a pint of Bud Light. If that's what you had in mind, brew on!
There are lots of good, light beers that are "gateway" craft beers that your BMC friends will probably like, but they are all in the 4-6% alcohol by volume range - Bud Light has like 4.3% alcohol.
BMC drinkers actually tend to like lower ABV beers. They like drinkability. Do a forum search for CREAM ALE, AMERICAN ALE, CALIFORNIA COMMON, STEAM BEER, WHEAT ALE, BLOND ALE, Koelsch. All light styles that are easy to make with minimal conditioning time.