No. Windows 8.1 is almost as lean as Android (although for saying that, I'm probably going to be downvoted by the portion of HN that still thinks Windows is the same as it was 15 years ago).

As far as price goes, we've seen decent models under $350, and the very low end is under $200: http://www.engadget.com/2015/03/01/lenovo-tablets-mwc2015/

In short, Microsoft has no reason to create a less-functional, web-only version of Windows 8.1.