I quit trying to pack for contingencies, that gets heavy.
I agree with this, but instead of trying to minimize in general I give myself a weight limit and try to pack for as many contingencies as I can in that limit. I have been optimizing my kit for backpacking and am now researching what I should change for hunting. Sounds like I should add a tourniquet.
For backpacking I chose 1lb. I taped two quart size ziplock bags together so you can see most of the contents without opening it. Usually carry it in the outside front pocket in my pack. I figured I'd have to replace the bags frequently but its been going strong for like a dozen trips now.
I break risk down into severity and probability. Whats the worst thing that is likely to happen? When backpacking i figured slipping/falling and hitting your head on a rock, spilling a pint of boiling water on yourself while cooking, twisting an ankle, then blisters, random scrapes, etc. But there are lots of surprisingly lightweight first aid things so even at 1lb you can throw a lot in.
Some stuff I usually don't see mentioned:
eye cup = 0.1oz. If you have to pack in water chances are its also a dusty place and being able to use a couple fl oz of water to clean out your eye vs a couple liters can save your trip for only 0.1oz.
irrigation syringe = 0.3 oz
contact lens case full of vaseline and iodine cream = 0.5oz
Benzocaine tincture swab = 1g
Smelling salt capsule < 1g (doesn't register on my scale)
Sterile Splinter Lancet (SplinterOut) < 1g (doesn't register on my scale)
Safecard tick remover = 0.2 oz
Steri-strip wound closure / tape = 0.1oz
And some more common stuff that hasn't been posted in this thread yet:
Swiss Army SD pocket knife (nail clipper/scissor, file, tweezer, blade, toothpick) = 0.7oz
Rite in the Rain 3.25x4.625 stapled weatherproof notebook w/ golf pencil = 0.9oz. They make a smaller one too.
