Think about weight tho. If cold is your greatest enemy in a given
situation, a couple of pounds of down or polarguard will be more welcome than the same weight of food/water/knife etc.

You obviously can't carry a sleeping bag in an altoids tin, but
I have seen gear lists here that included three or more knives and
multitools and several flashlights, a backpack that empty weighs
4 or more pounds, etc.

Leave out some of the redundancy and allow for the weight of a light sleeping bag or parka.

For example, here is a synthetic sleeping bag that weighs around 2
pounds total.

http://www.montbell.us/products/disp.php?cat_id=31&p_id=1121773

I'd take that over a 2 lb hatchet any day.