Great idea and post.
Roleigh, you have a problem that is an excellent candidate, but lets tackle that one from the inside out. I think it would be better if the Ursak was approved, or if someone could build a 6 - 8 oz solution that would carry a weeks worth of food and not be much larger than the food it protects. (BTW I am well past 50, and like to move much fast than a 10 MPD pace :)
For me, there isn't much that would be on my list. Seems the cottage industry has really filled the void the past several years.
The one thing I would jump on is a really comfortable sleeping pad that would weigh under 5 oz. I usually use a NightLight Torso at 3.5 oz or a trimmed down 3/8 pad at around 2+ oz. I am not comfortable for the first few nights with either, but then I eventually get used to them. I do have a Torsolite @ 10 oz, which I often use for weekenders. And like most others, I have a couple Thermarests in the gear closet.
A watch that weighs around 2 oz and costs under $200 with GPS (just lat & lon), altimeter and temperature would be cool, but not something I think BPL could tackle.
I wish we could get double or triple the wear out of trail runners.
Lastly, as a desert hiker, I would really, really like dehydrated water, that could be reconstituded by just opening the package. :)