What is the total weight? There are quite a few things where equally effective, but lighter, items are available. What are the contemplated weather and terrain conditions for which you are preparing?

I have found cyalumes useless after even moderate long term storage. What will work as USCG approved life vest markers. I would get a headlamp and carry a smaller number of lithium batteries - Lighter, more efficient, and will work in colder weather. I would prefer an appropriate sleeping bag to two wool blankets - much more efficient. If you are carrying dehydrated backpacker meals and water, you might as well save money and carry canned goods (after opening, these can be cooking containers). I really prefer energy dense foods which do not need cooking - well packaged sausages and cheeses, Clif bars, trail mix and nuts. If I am going for lightweight, I would go for an alcohol stove, but folks endlessly argue the merits of Esbit, trioxane, and alcohol.

I rarely go out the door without at least a zip-front synthetic jacket and a light windbreaker-this varies with the season and the terrain. For many western localities, a little bit of rope is an absolute requirement.

Unless you are looking at severe conditions, your poncho will make a perfectly fine shelter. My preference is to find a good rock shelter, but that depends upon the terrain in which you are traveling.

I wouldn't bother with either a trowel or shovel - you can always find a field expedient - usually a handy rock or stick, supplemented, if necessary, with the canteen cup.

These suggestions are just minor tweaking - mostly reflective of personal preference. You will be in the game just fine with what you have listed.