Good question canoedogs. I always find myself adding to rather than taking away from my kit. It is admittedly a lot of gear but as bad as it looks on paper (so to speak) it packs surprisingly light and well. With the noted exceptions most of it rides in my pockets (did I mention I love those cargo pants and shorts :-)).
I have always struggled to get a kit down to an EDC size. Currently I am experimenting with packing an Altoids tin with a small kit and just can't seem to fit it all in. I think maybe the tin will be just too small. I always go back to the six essentials - first aid, shelter, fire, water, signalling, and food - and I try to include something to cover each of these. I also continually hear Doug Ritter quotes ringing in my head: "Keep the most essential survival gear on your person" and "Your primary survival kit should be able to provide you with medical care, shelter, the means to summon help and sustenance. Most importantly, IT SHOULD DO THIS WITHOUT A GREAT DEAL OF EFFORT OR IMPROVISATION ON YOUR PART" and so on.
I haven't forgot your question. I am still pondering on it. Let me get back to you and welcome any suggestions.