Long post, hope it's helpful.
I was in the same tough situation after my last trip to Linville as well: I was broke, but I wanted good, light stuff. I spent a few months reasearching before I bought anything. Here's what I've ended up with so far:
Tent: Eureka Pinnacle Pass 3XTA, 6.5lbs, comfortably sleeps three, really is as big as it says, has 2 doors and 2 vestibules, so you can keep your dirty gear out. Best price is here (plus they had a $20 rebate through Eureka at the time):
http://www.cascadegps.com/Eureka-Pinnacle-Pass-3XTA-Performance-Backpacking-Tent-p-907.html
Sleeping bags (2): Slumberjack Odyssey 10, rated for 10F, under 3lbs, pretty compact. Only complaint is that it is a 1/2 zip (only unzips to your waist), but it more than makes up for it in weight, temp, size, and price. Best price is here:
http://www.cascadegps.com/store/product.php?productid=1080
I also have some unknown bag made by Chinook. It is a 40F bag, but it weighs about 2lbs and packs up really small. I determine which to take depending on the forecast.
Sleeping pads (2): Thermarest Pro-lite 3, 1lb4oz, 1" thick, rolls up to 4"x11", got mine for $60 from Campmor, regular $85, right now on sale for $70.
http://www.campmor.com/webapp/wcs/s...6&storeId=226&catalogId=40000000226&langId=-1
Also, the Big Agnes Air Core is not bad. 1lb5oz, 2.5" thick, rolls up to 4"x8". I just got one for $40 from somewhere I can't remember online for the girlfriend. The downside is that it is like an inflatable pool float, so its not as cushy, and make a little more noise.
Cooking gear: I looked at a lot of stuff online and in REI and Dick's. The high-dollar aluminum no-stick cookwear from REI and such is the same as the $30 Texsport you can get at Dicks. 3pots, 3 pans/lids, a handle, and a mesh bag, all Teflon coated, 2lbs12oz. Couldn't find it on the Dick's website, but here it is at Campmor:
http://www.campmor.com/webapp/wcs/s...6&storeId=226&catalogId=40000000226&langId=-1
Backpack: This is where it really comes down to personal preference. I have 3 packs. One is a Stansport (yeah, Ive still never heard of them, but Ive had the pack for 11 years) external frame. It is light and roomy, has a lot of external pockets for small stuff, and you can strap everything in the world onto it. After my last Linville trip both of my buddies had newer name brand internal frame packs. Since I am cheap, I looked around and got an Outdoor Products Zenith for $50. It is big and light. It has more internal space than my external frame, and it lighter, but it is not as sturdy. Pretty much what I expected for the price. My girlfriend has been using it the past few trips, and I have packed it full for traveling. It is holding up fine, but that is with the 25-30lb loads. The problem isn't the structure, but more the thinner fabric that they used on parts of it.
http://www.campmor.com/webapp/wcs/s...6&storeId=226&catalogId=40000000226&langId=-1
About a week after the new internal frame pack came in, an NC4x4'er posted up a Lowe-Alpine Contour IV at a good price, so I couldn't resist. I have used it a bit and love it. It is a 90+15 Liter pack, so it is huge. It is extremely well made and very sturdy, so with that, it is a little heavier. To me, it is worth the extra pound or two to know that it will not rip apart at the bottom of Linville Gorge, or whereever else I go. The only downfall to it is the lack of pockets. It has a bottom compartment, a large main compartment, and a zippered top compartment. This is fine for the big stuff, but doesn't leave a good place to put things like headlamps or cameras. I searched out some auxilary side pockets and hipbelt pockets, but have yet to try them out. I may eventually upgrade to a newer pack with a proper hydration compartment and more pockets, but I really like this pack.
Also, if you are thinking of a water filter, I went with the Katadyn Hiker Pro. There are several options in the same weight and price range, but after trying them all at REI, one wouldn't pump and another one was really slow. The only one that worked and worked well was the Katadyn Hiker. The Pro version offers quick connects for the hoses and a pre-filter, neither of which the regular Hiker has. With the quick connects you can pump water straight into your hydration bladder from the hose, which means you don't have to remove the bladder from your pack or open it.
Again, hope all this helps. Let me know if you have any questions.