Most definitely will keep items bagged in the pack. Fire items are kept in a dry box, clothing in plastic storage bags, FAK in a dry bag, have bigger storage bags for larger items like sleeping bags, etc.

From what I understand, the trail we'll be on involves a significant elevation change, from about 750 feet to 2500 feet within the first 3.5 miles, and elevation further increases up to 3000 feet before the 6 mile mark. I'm not sure if that will be good or bad for a poncho. Heck, I'm really hoping we won't have to use it at all, but 3 days on the trail in April it's a good bet we probably will.