Some other items that I would consider in a Survival and E&E kit that hasn't been listed are:

How about a small blade of some kind? Like a Gerber STL 2.0 or these cheap straight razors.

An IR strobe of some kind, a MS2000 will do but a Phoenix or Phoenix Jr would be a better choice, they are small, light and reliable. Make sure to use a Lithium 9V battery for the one in your kit.

Small IR American Flag.

Gerber Baby Formula bags for water storage.

A Sparklite is a better choice in my opinion then a magnesium fire starter.

Signal panel, if you can get one of the aviation crew signal panels (NSN:8345-00-140-4232) those rock. If not a piece of orange 'chute material or cut down VS-17 (last resort).

The red led is great... Go with a Covert Freedom Light from Photon, the shroud around the light is a nice.

Sure, some of these things may be unnecessary in your class, but you might as well build a kit that will give you some use beyond the class.