ABSTRACT The International Pulsar Timing Array (IPTA)’s second data release (IPTA DR2) combines decades of observations of 65 millisecond pulsars from 7 radio telescopes. IPTA data sets should be the most sensitive data sets to nanohertz gravitational waves (GWs), but take years to assemble, often excluding valuable recent data. To address this, we introduce the IPTA ‘Lite’ analysis, where a Figure of Merit is used to select an optimal PTA data set to analyse for each pulsar, enabling immediate access to new data and preliminary results prior to full combination. We test the capabilities of the Lite analysis using IPTA DR2, finding that ‘DR2 Lite’ can be used to detect the common red noise process with an amplitude of $A = 4.8^{+1.8}_{-1.8} \times 10^{-15}$ at $\gamma = 13/3$. This amplitude is slightly large in comparison to the combined analysis, and likely biased high as DR2 Lite is more sensitive to systematic errors from individual pulsars than the full data set. Furthermore, although there is no strong evidence for Hellings-Downs correlations in IPTA DR2, we still find the full data set is better at resolving Hellings-Downs correlations than DR2 Lite. Alongside the Lite analysis, we also find that analysing a subset of pulsars from IPTA DR2, available at a hypothetical ‘early’ stage of combination (EDR2), yields equally competitive results as the full data set. Looking ahead, the Lite method will enable rapid synthesis of the latest PTA data, offering preliminary GW constraints before the superior full data set combinations are available.