Where is the balance...... that IS the question isn't it?

I don't know :-) And I don't know the answer for you either.

My hiking loadout changes with the season, where I'm hiking and distance/duration/company. Lighter is better but having some safety margin is important. I often hike alone so that helps direct what my margin consists of.

I don't think I carry two of anything identical (except spare batteries). Oh, wait, I usually carry 2 (or more) waterbottles. I carry things that will substitute for others such as paracord for shoelaces (it has many other uses of course), a 1" swiss army knife in addition to my 5" fixed blade, my goretex shell in addition to my army poncho, etc.

Everyone who does outdoors stuff has a box of things they've purchased and either replaced with better or set aside as "it seemed like a good idea at the time"

I'd give you mine but..... I might need it someday when I change my mind. :-) (I have a LOT of redundancy at home on the shelf.)