How much does the Millbank (or other canvas seep bag) weigh?
1. To filter out large chunks of sediment, the material in pantyhose works as a pre-filter.  For best results, use multiple layers.  You get good flow rate through the material.  
Pantyhose also works well as a mesh bag for keeping food cool in stream or lake.  Can be made into bug-netting.  Lots of uses.  I recall reading somewhere that they also work well as bottom liners to keep your hiking pants from binding on your legs, but I haven't tried that trick myself yet.  Their mesh construction should let them work like a thinner version of mesh underwear (ala Wiggy's mesh nylon tops & bottoms).
2. To filter finer chunks of sediment, why not carry a few paper coffee-maker filters?  They cost next to nothing per filter, are lightweight, and can fold up small enough to fit in the corner of a pocket.  Plus, being made of paper, they are multi-functional.