Image restoration and spectral reconstruction are longstanding computer vision tasks. Currently, CNN-transformer hybrid models provide state-of-the-art performance for these tasks. The key common ingredient in the architectural designs of these models is Channel-wise Self-Attention (CSA). We first show that CSA is an overall low-rank operation. Then, we propose an instance-Guided Low-rank Multi-Head selfattention (GLMHA) to replace the CSA for a considerable computational gain while closely retaining the original model performance. Unique to the proposed GLMHA is its ability to provide computational gain for both short and long input sequences. In particular, the gain is in terms of both Floating Point Operations (FLOPs) and parameter count reduction. This is in contrast to the existing popular computational complexity reduction techniques, e.g., Linformer, Performer, and Reformer, for whom FLOPs overpower the efficient design tricks for the shorter input sequences. Moreover, parameter reduction remains unaccounted for in the existing methods.We perform an extensive evaluation for the tasks of spectral reconstruction from RGB images, spectral reconstruction from snapshot compressive imaging, motion deblurring, and image deraining by enhancing the best-performing models with our GLMHA. Our results show up to a 7.7 Giga FLOPs reduction with 370K fewer parameters required to closely retain the original performance of the best-performing models that employ CSA.