I did mine in early August last year. I much appreciated a compass. There were times (and this was an unusual snow year) where snow made the trail, by itself, not so obvious. In those times I found it comforting to take out my compass and re-orient myself. I have a pretty bum sense of direction in general, so that might not be a problem you'll encounter. For a half ounce you could get a button compass, for an ounce or 1.5 you can get something more accurate.
You seem to know your options, so I won't really critique where you could shave weight but probably chose to go with your tradeoff of choice.
One thing, why toilet paper? http://www.youtube.com/watch?v=zwmwxkD86Ec . Seriously. I did this last year, it was great, no problems.