Sounds like the peanut butter (and tortillas, if their only purpose is PB delivery) are a prime candidate for elimination.
I'm a big ultralight advocate, but with a grain of salt. I won't go to a frameless pack or a barely-there hipbelt. The reason is that, while it may be overkill for my usual 17 pound, two-night summer-trip load, if I have to make a dry camp and carry an extra 3 quarts of water to camp, I'm suddenly at 23. Cool weather clothing or a few extra days' food drives that toward 26. I want a pack that can actually handle a 25 pound load, so I've got the ability when I need it.