without stressing the altoids tin, here are some thoughts:
1: the countycomm light with the clip. I have several of these and the clip makes a world of difference.
2: Is the compass needed? There are different types of land navigation, and without a map, a compass is really just for picking a direction and going "thataway". This can be done with landmarks, or working on a direction to a goal (following the lay of the land, a trail, etc) - Of course, in heavily timbered, flat land, it's going to be faster than some other methods of maintaining a course.
3: double up on the space blankets.
4: I can agree that while a backup firestarting method is essential, a firesteel isn't strictly necessary. a vaccum sealed book of matches would work, too. Some "hot" tindertabs of some sort. I'd also look at a couple of beeswax birthday candles in addition. The beeswax has many uses and will burn hot.
5: If you carry several yards of 550 cord, do have a needle that will thread the core lines. (the thread can be waxed with the beeswax candles and will work well that way)
6: The small SAK officer model, or a midnight manager (even better). Don't discount the utility of tiny scissors and such. (splinters, fine cutting of cloth, cordage, or torn nails when it's cold out, etc) Having the red LED on the midnight manager is also a useful backup to the countycomm light.