Either way I'd suggest shelter, light, whistle, minor first aid are the priorities for the untrained - sit tight and wait for rescue. I'm not sure I'd encourage anybody who needs this sort of kit to try and walk out of a crisis with a compass for example
For this same reason, I'd likely omit any fire making supplies from this type of kit. I'd focus on signalling and shelter alone.
At its most basic, this type of kit could be:
- large orange garbage bag
- whistle
- flashlight
- home-made instruction card
Anything else would be gravy as I think this covers the basics for sheltering in place when lost / unable to make it back to camp in the wilderness (which is, as I understand, the main purpose of this kit would be).
If adding to the above list, I'd likely look at adding things which are either alternate methods for signalling or which would be psychologically reassuring to a lost person (for example band-aids or a small snack).
On the other hand, if scaling it down due to cost, realistically the light wouldn't be completely necessary (it is as much psychological as signalling in my mind). Also, for this reason I'd be more concerned with the quality of the whistle than I would be the quality of the light.