A whole lot of first aid items are lurking in your gear, just biding their time-like bandanas which are actually triangulars, the blue foam pad which can become a C collar, the aluminum pack stays which transform into splints - the list goes on and on. I like to have in my dedicated FAK an ace bandage or two, some sterile dressings of various sizes, and "odds and ends". I keep bandaids stashed in my wallet - really handy there and I agree that they can handle most situations.

I like a multitool for aid in improvising items. For instance, I'll bet I could saw out some really dandy splints from the gunwales of Canoe Dogs craft in a very short time, and come up with a really good item.