Thanks for all the great suggestions.

ditchfield, thanks for the great links. Where is the thread you were talking about with the lighter, smaller, more effective alternative?

JohnN thanks for the tip about Arc flashlights. I'm starting to sway in the direction of buying the Arc AA.

blastjv, Leatherman Squirt series is definately the upgrade to the Micra that I am looking for. Thanks for the tip.

Eugene, you've given me something to think about with keeping the keychain from jiggling. I'd rather be silent as well.

I should have stated that I want out of my updated keychain.

I want it to be as small and as lightweight as possible while fulfilling as many of the emergency essentials as possible. As I stated earlier I don't have much of a budget so I plan to reduce the costs of all my gear including this keychain by using household items I already have, make items, buy used, buy in bulk and/or use suitable alternatives.
Example:
I'm going to use a Velcro tie-wrap instead of a caribiner, because it is lighter, costs less, and has more uses. And now that I think about it the Velcro tie-wrap is quieter than a caribiner.
Another Example:
I plan to use the Metal Capsule as a whistle as well as a container.