It is a very common problem with a drysuit.
I go through that each winter and I do not even dive wetsuits in the summer, just thinner undergarments.
40 pounds sounds like a lot to me, especially with steel tanks, even with the SMS75 needing 4-6 to submerge itself.
Ditching weights is critically dangerous in a good sidemount config, you should always avoid that route.
You should be close to neutrally buoyant with empty tanks, ditching weights leaves you only one option: up fast.
It is very easy to overestimate the amount of lead to drop and you will likely not survive even a small error in deep open water dives.
First of all I would loose the tank boots.
They probably are only half a pound positive each, but their awkward position often needs a lot more than that to compensate.
After that you do not have a lot of options to choose from left:
Do a weight check without tanks, then with empty tanks, then with the full kit.
Empty the drysuit completely, then repeat with a comfortable amount of air padding...
You can probably get rid of a couple of pounds that way.
Otherwise your only option is to switch tanks and use even heavier steel cylinder types with the drysuit.