1) 2lb bag: didn't mention temp range or bag shape (mummy, semi-rectangular, rectangular), but since volume is an issue , i'm guessing it's either a semi-rectangular/rect. bag or a synth. bag (unless you're talking very cold temps, then down bags can take up some vol. too). while synth has some advantages (and so do down bags), compressibility is NOT one of them. switch to a down bag. down, w/o taking any other precautions (i'll defer to my more experienced colleagues on this matter) should work well for you, especially for short cold treks (1-2nights) and longer warm weather ones. check the Montbell SuperStretch bags (synth = BurrowBags; down = DownHugger). I'm assuming you don't mind using a mummy bag. Some recent converts, and non-UL co-workers hate mummy bags - too confining they say. That's where the Montbell SuperStretch system comes into play. Read up on them; you might like to try one. If unsure of the Montbell SuperStretch system, i'd recommend buying an inexpensive warm weather bag (SuperStretch BurrowBag#7, NOT the U.L. BurrowBag b/c it's NOT a SuperStretch - at least not last year's model). If you like it, then spend the bucks for the proper temp range SuperStretchDownHugger. BTW the SSBB#7 weighs 26.4oz in regular length, IIRC. It's a 37-50deg F bag. If you wear your two layers of clothes and a top insulating layer in it, 37deg F should be doable and even 5 deg lower, so 32deg F, if your metabolism is up to it. the down version (SSDH#7) has the same temp specs, but weighs ~17oz in the regular length (fits only up to 5' 10"). all the Montbell bags also come in a long length. you can find lighter bags out there, but they will be cut tighter and make a deeper cut into your wallet.
2) new gear: w/o seeing a detailed gear list, i can't give much help about smaller sized gear.
3) pack: limited to the info in your post, i'll "shotgun" some pack solutions for you.
a) GossamerGear Mariposa - larger pack and it will also save you ~16oz in weight. also, the pad CAN (not must, but very highly recommended) go on the outside in the external pad pocket designed for this purpose (you'll need to switch pads - don't worry, the GossamerGear NightLight pads are very inexpensive). If a torso-length pad (typically ~30" in length) is a bit too austere for your curent stage of UL development (if so, don't worry, you'll get there), you could use two torso length Nightlight pads and still be several ounces lighter than your current pad. of course, one of the two NightLight torso-length pads would be in the external pad pocket and the other inside of the pack (~7.4oz combined weight for both pads). The light weight materials used in the Mariposa pack are not up to heavy bushwacking. The Mariposa also has two removeable carbon fiber internal stays if you need to carry heavier weight, though many people just leave them in even if carrying lighter loads.
b) GoLite Gust:since you like GoLite packs (they're very good packs) or you need a more robust fabric (e.g. for bushwacking), try the GoLite Gust pack. The small size is larger than your current pack, but the medium size is cavernous/voluminous. also, the Gust weighs ~11-12oz less than your current pack. it has a spectra/dyneema ripstop grid woven into the pack material.
check the ReaderReviews for comments on both of these packs. oddly, the Mariposa pack, even though int. frame capable, is listed under the Frameless Pack Review Section (as is the Gust pack).
c) SixMoonDesigns StarLite pack: external pad pocket. optional (only $10 extra), removeable internal stays. robust fabric with dyneema rip-stop grid. carries heavier loads better than the other two packs. 23-28oz empty pack wt, depending upon whether or not you are using the optional, removeable internal stays.