Scott,
As I understand it, the generally accepted definition of ultralight is a base weight of 10 lbs or less.
This is your pack and all the gear/supplies that you would take on a trip of any length, less the consumables of water, fuel, and food.
How you get to 10 lbs or less is up to you.
Hike your own hike as they say.
Nothing wrong with full rain gear…some people go "heavy" as conditions dictate and make up for it by going lighter in other areas.
My advice is shoot for your UL goal, but not at the expense of your comfort and safety.
After 2.5 years of of "this", my own base weight hovers between slightly under 10 lbs to 11.5 lbs.
So I consider myself more light weight, but frankly, I am not too worried about having the UL bragging rights.
All I know is that I am not hauling 90 lbs or 40 lbs on my back and I am enjoying my time on the trail pain free…well, pain free due to not having to lug a heavy load on my back and shoulders.
With a bit of effort like make a gear list and a postal scale, you will see what everything you are carrying weighs and you can quickly figure out how best to spend your hard earned money wisely and effectively to cut your weight.
More importantly, get experience using your new and lighter gear by using it and see what works for you….try not to try more than two things new at a time to give you a margin of error and safety when experimenting.
Oh, lastly, buy a new pack LAST….once you have dialed in your other gear, you can determine how much pack you will really need…be it smaller or lighter, etc.
Good luck and enjoy the adventure!
-Tony