here's my story, take it for what it's worth.
I am 5'9.5''
Finished high school weighing 137-140 pounds. I was on about a 30 mile a week regimen.
That summer I worked up to 70 miles a week for a couple weeks, averaging probably 60. I was down to 132-134, even though I probably ate more. I stayed at that weight for the next 3 months or so, and I ran huge PRs.
I then figured lighter the better, right? So I started watching calories, while upping mileage. I was eventually down to 123 pounds, while pounding out 60-70 a week on singles. Sure, for a while, running fast was easier--carried less weight.
To backtrack, I have never had any injury problems up to this point, even when bumping up mileage....
Anyway, I got injured. SI joint pain, sciatica (maybe), some other crap. My lower body basically fell apart. Lost about 3 months of training, and am still recovering.
I am now up to 132-134 pounds again, and training at about 60-75 miles a week on average. I eat pretty healthily, but I don't worry about it too much, and I eat when I'm hungry. I haven't been injured or really had any problems like I had since getting my weight back up. And in my only two races after gaining those 10 pounds back, I PRed. I'll take PRs over cross training and spending all my time in a gym instead of being out on the roads.
Anyway, to sum up, losing weight is going to make you fast to a point. I lost weight at first from running more, not from watching what I eat (though I did eat healthily, but I ate MORE than before since i was running more). I had months of successful progress, PRs, and running was great. I then watched calories and lost weight. Had some great training before falling on my face. Gained teh weight back, have had good training and ran more PRs. So... light is good to a point, after that point, it gets dangerous, you won't be faster, you'll be tired from not eating enough, and you'll probably get injured.
My advice: Eat healthily and eat a fair amount (don't over do it, but don't skimp! if you're hungry, eat, but don't eat crisco:). But run, and run a lot. Your body will find a good weight. Forget about the scale.