We have a kleptomaniac kender in the party, and every now and then he steals an item that is useful to the party. Our group happened upon a Bag of Holding IV but our kender cant carry it with out carrying capacity penalties. Can you cast Lighten Load or Shrink on the Bag of Holding to eliminate penalties without affecting everything inside it?
The spell lighten object can target a bag of holding just fine (even if cast by a level 1 caster) so as to cut the bag's weight in half. As the bag has weight and the items in it don't, there's nothing else to worry about. The spell shrink item can't affect a bag of holding as the spell shrink item works only on nonmagical objects.