I think the list is good. Theres a few things missing, maybe different things depending on where and what “all conditions” means, but no quibbles in concept.
The only thing you sacrifice most of the time is weight, packability and sometimes fit. If you buy used you might even be able to cover that. But to get started and cover 95% there’s no question the approach works fine.
Then, some things are just as good if not better. My personal thing is gloves. I appreciate really nice gloves, and then I go and use them or something, and trash them in moments. 99/100 the price just isnt worth it after like the third day. I am the first guy to reach for my $15 work gloves on certain days, even though I own the super expensive jobbies. I think for the price of one nice pair of brand name hunting gloves, I can not only do BETTER, but I can outfit myself for multiple activities and temps for the next 10 years, all for the same total price.