Current gear lists!

[Migs]

Appears you look for items the same way I do, inexpensive but fairly light stuff. I have found that a lot of the budget items work great as long as you do your research and set your expectations accordingly. Ill post my gear mostly broken down on LighterPack here. 

Although I haven't invested a lot of money in my gear over the years, I still get nerdy and like to weigh everything as i get it to add to my ever expanding list of gear but I take different items depending on a number of factors such as going with my girlfriend and dogs, expected weather, distance we're traveling, etc.

As Aaron said, the only place to really save quite a bit of weight is the pack and tent, but a nice UL tent is expensive. I traded out my REI Pinnacle 50 pack for a frameless Modase 40L pack which is just over 1 lb, runs under $30 on Amazon, has held up well, and if packed right, is fairly comfortable.

As far as multi use gear goes, the most important in my opinion is using a small Bic lighter and wrapping it a number of times with duct tape. Duct tape has been a real life save on numerous occasions including fixing shoes, fix a hole in a tent, fixed a trekking pole, a leaking water bottle, and numerous other things I have probably forgotten. Plus you have your primary fire starter!