That "Budget Backpacking Kit (a step above the $300 challenge)" article is one of my favorite things PMags has written. Note though, that according to professor, you won't need a $130 sleeping bag for this particular trip, or the down jacket, possibly not the tent if you're sharing, or the balaclava... you get the idea. It's about being smart about what not to bring just as much as what to bring. Of course, you need to be prepared for the worst/coldest/wettest/windiest conditions you might encounter. It might be a good idea to call the rangers there and confirm about the weather.