I'm 5'-2", 110 lbs avearage, so just a tad smaller than your wife. You can check out my latest gear list posted for ideas, but here's some more recommendations.
You actually have a good amount of money budgeted to outfit her with some pretty high end gear. But if you want to budget below that, I'll give some alternate options.
Sleeping bag or Quilt. I prefer a quilt. My down is the Katabatic Gear 30F Palisade which weighs about 16 oz. I have an Enlightend Equipment 40F synthetic quilt whihc also weighs about 16 oz. Both in size small, would fit your wife. Both are great. You can look at their 20F options online. For a more economical options, look at the GoLite down or synthetic quilts. They weigh more, but are cheaper. Don't forget to open an online account wiht Golite and write a review ofone of their products to recive an instant coupon code for 20% off.
Sleep pad. I think the inflatables and Neo Air in particular are over-rated. They tend to be heavey and pricey. For the conditions you describe for your trip, look at the Thermarest Z-Lite accordian egg-crate style foam pad. You can also cut it down a few panels without much loss of function or comfort and it tends to cost 70-80% LESS than the NeoAirs.
Pack. Again, look at the Go-Lite Jam or prior year's Pinnacles. They weigh more than some of the Cuben Fiber offerings from the cottage industry guys, but they are a lot cheaper and most importantly, they fit women alot better. The Z-Lite pad works great as an internal frame for the Go-Lite packs. I have a 2011 50L Pinnacle anad a 35L Jam, both are great. They pack and carry really well. I have not found any cottage industry frameless UL pack that fits me properly.
Trekking Poles. I have the Gosamer gear LT4 adjustable carbon fiber poles. They are a bit pricey, but really worth it for the substantial weight savings. If you're not sure if your wife will want poles, then you may just pick up any cheap pair to try them out first.
Footwear. I would not buy boots. I prefer the trail running shoes. This of course will depend on your wife's fitness level and comfort level, but trail runners are much lighter than boots and will dry quicker when wet. I use the Asics Gel-Trabuco. It's a stability shoe that I have worn for years (they update it every year) for trail running and backpacking and still love it. I just bought a new pair of the Trabuco 14s, usually a $100.00 shoe online for just under $60.00 including shipping.
Odds and ends. Headlamp - Petzl e-lite. Raingear - the Precip are good for the price. Socks - Darn Tough, Smart Wool PHd or others, you really can't go wrong. REI and alot of online outfitters usually sell "seconds" at about 1/3 the price, which measn they only have minor cosmetic blemishes. Long underwear top or bottoms - Patagonia Capilene or REI silks should be great.
By saving money on things like sleeping pad or clothing, you'll find you can afford a better bag/quilt or trekking poles, etc. So I wouldn't shy away from looking at better quality UL gear they you think may be beyond your price point. Things like a good bag will last for years and you'll get your money's worth out of it.
Hope this helps,