Backpacking: Cost vs Weight

So, after seeing the prices for the top of the line low weight camping gear, I have mostly gone toward cheap, rather than light weight. I haven't been missing that much stuff, but I have tended toward simple/heavy/cheap rather than whizbang/expensive.

For example, rather than a 60$ wool t-shirt, I went with a 7.50 polyester (quick dry type blend) t-shirt from walmart. (although that one isn't a weight issue)

Any thoughts about where you should draw the line? (what stuff needs to really save the ounces?)

My tent stakes are steel (I hated bent tent stakes as a kid).

My stove should be light, I made it myself out of aluminum can bottoms (2x) and a penny, but the fuel (alcohol) is heavier. I borrowed an ancient propane stove from my Dad, which might be lighter overall for longer trips.

Sleeping bag isn't the lightest, I might need a new one also.
Just bought a thermal pad (thanks Andy!)

Any thoughts on water? I have 64oz + 50 oz + 32 oz + 32 oz = 178 oz, 5.25 L, 1.4 gal. worth of containers for personal use. I might get another 64 oz water bladder. No water filter yet, going to use iodine tablets, but I have been thinking about the new SteriPEN style, using UV light, that seems like a winner.

Tent is a square dome tent, I am sure its not light weight.

Improved a first aid kit that I bought.

I'll try and get everything together and weigh it, hopefully its not too bad. I like to carry a lot of stuff.

I need to get a good tarp, not sure on that one yet. That is one of those that you really consider cost vs weight. I will probably get a cheap one and modify it for usefulness.