Thanks everyone! Here are some pictures of my "ultralight" outfit.
This waist pack was a whopping $12 on Amazon. This was when I first got it. I have a 3 wt 6 piece 8' 0" Redington Classic Trout and the tube fits perfectly on the bottle holder. I put the pack just above my waist and the tube doesn't get in my way whatsoever. In the front pocket I store my Orvis Battenkill II reel, and then my fly box, spools, first aid kit, sunscreen and anything else I need all fit in the main compartment. I have a retractor hooked to a pair of hemostats attached, and the hemostats slide into the fabric holding the metal loop on the front.
I twist the pack around when I need it, but mostly I keep it on my backside. I have a small net with a magnetic netkeeper that I clip on the waist strap. It's in a perfect spot, and the magnetic keeper makes it very easy to use. On the opposite side I have a clip that I use to keep a small water bottle on.
I'll try to snag a picture of it decked out soon. It works really well. It allows me to hike, or scramble through brush to the waters edge where I can then quickly assemble my rod and reel setup. When I'm done, I just pack everything up and I don't have to worry about maneuvering my rod through brush.
Thank you for the gracious welcome, I'm glad to move out of the woodwork!