Yes and no. I agree that 4"X4" pads and tape are more versatile but I don't think excluding bandaids would make your kit simpler.

As I'm sure you have, I've carried a FAK for quite some time. When I've needed 4"X4" pads, I really needed them and bandaids simply would not have sufficed, but as far as what item have I used the most? Hands down, the simple 1"X4" bandaid.

I guess I could have cut or folded a 4"X4" pad down and taped it on the wound, but for simplicity (and one handed use when it's your own finger), nothing beats: