As mentioned in another comment, you are correct that by far the highest concentration is in the pith/placenta (~90% typically). The seeds have a relatively lo

As mentioned in another comment, you are correct that by far the highest concentration is in the pith/placenta (~90% typically). The seeds have a relatively low capsaicin concentration, but their surface gets spicy from being in direct contact with the pith. But practically speaking, you're right. You can just cut away the outsides and get most of the flavor without much spice at all.