Thanks for the great responses. I understand the logic of cutting items out, multipurposing, etc... I am not really obsessed with weight cutting, I just love researching new stuff. After a couple of suggestions by Demostix, I searched cost per ounce threads on BPL. There are some interesting discussions over there. It seems like most people spend about 5 to 7 dollars per ounce to lighten up. This is only for buying new replacement items, not figuring out new ways to go without an item.
I looked at some of my recent purchases or ones that I am toying with right now and seem to be pretty much in line with those numbers. For example, I just got a Sawyer squeeze and an Evernew 1.5 liter bag to replace my MSR Sweetwater filter. I got them on sale. I saved 8 oz and spent about $50, which works out to $6.25 for every oz saved. I am looking to go smaller on a solo cookpot also. The system I am thinking about comes up to about $5.10 per oz saved.
Just for fun, I looked at what it would cost to replace my Osprey pack with a ULA Circuit (which looks like the perfect pack for me). It would save 2.1 lbs off of my kit, for a per ounce cost of $6.60. On the other extreme, replacing my OES silnylon tarp with a similar cuben tarp would cost a whopping $39 per oz saved. Seems a bit much to me.
Of course, you have to consider the fact that I have already spent money on the original versions of these items. You would have to try to sell or repurpose them to try and not ending up spending for both. That is the biggest problem for me right now. It isn't the $225 for the new pack, it is the $200 I spent on my old pack.
This is an interesting way to spend time while watching golf on the couch.