Where/what conditions are you mostly hiking in?
This would help suggest things.
Do you need cold/wet weather gear?
I'm in Arizona and can get away with much less weight for sleeping system, etc. but wind up offsetting that with the amount of water needed for most hikes.
You may want to look into lighter packs than Osprey. I lover my Gossamer Gear Mariposa and it is 2 lbs. how I've set it up. Plenty tough.
Certainly shelter and pack are a great place to start losing some weight. Six Moons Designs has some great shelters that don't break the bank. For a full double wall tent I just got an REI Dash that I'm very happy with at 3 lbs. Heck it out at my blog, www.raisedbyraccoons.blogspot.com and it might give you some ideas. There are so many ways to go. Do your research before you purchase and get the things you would like, not the stuff you'll settle for. You spend less and be happier/more comfortable in the end.
Good luck.

Tread lightly.