oli, two recipes I found in RLB's "Cake Bible" that use eggwhites are Mousseline Buttercream
and Italian Meringue icing. The mousseline is closer to yours, but has less sugar (7 oz), with water and liquor for additional liquids. No corn syrup.
In my opinion, buttercreams are perfection in your mouth. You don't need a lot, but what's there should have the right texture and density.
Almost every one of Rosie's buttercreams use 1 lb of butter as the base. I'm going to quote from her book simply to reassure you that you may not want to cut down the butter amount. Just use less finished icing if you are concerned.
QUOTE from Rose Levy Beranbaum (Cake Bible):
This buttercream is very light, smooth and incredibly easy to work with. It is soft enough for beautiful shell borders yet strong enough to pipe roses. Liqueur gently perfumes the buttercream, and if it is tinted, it also enhances the color. Mandarine Napolean, for example, lends the palest aura of apricot.
It is a thrilling buttercream to prepare because it starts out looking thin and lumpy and, about three-fourths of the way through, starts to emulsify and turn into a luxurious cream.
A word of cauthion: If the butter is too soft or the room too hot, what could have been a satin-smooth cream breaks down into a grainy hopelss puddle. Once the buttercream is made, however, it holds up better than any other."
Can this woman write or what! I mean, seriously...when was the last time anyone you knew used the word "thrilling" to describe icing?