I guess everyones minimum is going to differ. Me for instance when I hunt at low elevation, here on the east coast, I carry an AMK Heat sheet and some Bank line cordage. Thats it. I figure make an A-Frame, build a fire and hunker down.
Now at elevation of 10,000 add in some snow/rain and wind, that set up just would not seem adequate in my mind. It might work, but there are better options. I myself carry a bivy and a sil-tarp shelter combo pictured here. (about 3 pounds all together)