Join Date: May 2006
Location: San Diego
Bikes: IF steel deluxe 29er tourer
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This tool kit would be specific to a certain (older) bike. One could get away with even less with seal cartridge hubs, self-extracting crank, pedals with allen wrench fittings, chain with a power link etc etc. My preference too is for loose tools rather than a multitool. Small needle nose pliers (with a wire cutter) are useful for finding and extracting wire debris from tires. a "hyper *******" to remove cassettes is easy to bring.
Knowing where to draw the line on tools can be difficult, however, requiring a sort of probability of needing versus weight/bulk analysis.