There are a lot of different ideas and theories on the subject of what tools to carry. To me, it all depends on the ride details. In Idaho, I carry lots of stuff that I don't normally carry around here.
One friend never wore his fanny pack. I asked him "Why?". He said, "Because it is so damned heavy."
When I looked in his fanny pack, he had a 1/2" drive ratchet handle and a 27mm socket for his rear axle nut. This, along with everything else in the pack, brought his total up to 11lbs. I gave him a riders wrench and substituted other heavy items he had in the pack, and got it down to 3lbs.
Another friend, now deceased (Fast Jack Bailey from the Memphis area), told me that he always carried at least 25lbs in his back pack. That way, when he carried a lighter pack in the races, he felt so light that it made him feel like he could fly.
Jack was very fast.
Before I got the riders wrench, I carried an 8" crescent wrench to use for changing plugs, axle nut, and a general back-up tool. My needle nose vice grips also functions as a wire cutter, and eliminated the slip joint and needle nose pliers.
When I'm riding where there are big elevation changes, I also carry a pair of hemostats. When I change the jet needle clip from one groove to another, I like to have a positive grip on that clip. My fingers don't work nearly as well as a pair of hemostats.