I actually do a fair bit of minimalist hiking/camping, so while I don't keep a "bug out bag" pe-rsay, I do have some experience packing a bag to live out of in the woods for an extended period of time.
I had a lot more than I needed of some things, and a lot less than I needed of others the first time I went out, but at this point I have what I feel is a pretty good list.
First off, if "the woods" is your destination, you don't need (or want) nearly that amount of weapons/ammo. They're going to take up space in your bag, and they're heavy. If you have a "bug out cabin" it might bee good to stock up, but you will get very tired of carrying around that much weight.
A .22 target pistol and maybe 50 rounds of ammo would be as much as I'd bring. Hunting takes too much time and energy to be worthwhile when you're trying to cover ground, and a .22 is all you need for the small game you're likely to stumble across.
Maybe a couple extra mags/speed loaders for your edc. Other than that:
A big knife. I like the Ka-Bar BK-2 as it's rugged enough to baton with and use as make-shift hatchet, but still small enough to be weildly for other "knife" jobs.
A little knife. Something you can clean fish or small game with, cut string, etc. I just use one of my EDC folding knives.
A flashlight. Also, spare batteries.
A 8"-12" lightweight tarp. Getting rained on is no fun.
A Mosquito Net. Mosquitoes are even less fun than rain.
A Wool blanket. There are lighter options for warmth, but wool works wet.
Water purification. Iodine, chlorine, or - if you feel like hauling it - a filter.
Fire-starter. Matches/lighter, with firesteel as a back up.
Water bottles. I like steel because you can boil water in them
Salt. Doesn't take a lot of space, and makes your food taste better. I also generally bring a little bottle of hot sauce.
TP. If you don't pack it you will regret it.
Spare socks. Underwear/shirt too if you have space, but socks are a necessity to prevent blisters.
First Aid. Just in case. Include superglue if you can't use a suture kit.
Food. I like power bars, but anything that packs a lot of calories into not a lot of space/weight
Compass/maps. Or GPS if you prefer.
Lots of 550 para cord. Strong enough to tie a raft together, or take it apart if you need something thinner for snares etc. 1001 uses.
Fishing kit. If you're going to be by water fishing is a easy way to get more calories.
And that's about it.
I generally also try to pack some rain gear, a pair of flipflops, and a small crank operated radio, as well some other small things, but they're not really necessities.
You will come out of the woods skinnier than you go in, but with 2 power bars/day you can survive for a quite a long time.