Hi Philly.
I'll offer you what I can in the way of insights but rememnber that I'm just a guy who happens to dive ID's. Don't take what I say as golden and certainly do your own research etc... Also, bear in mind that I do subscribe to the Hogarthian philosophy that aims to streamline and eliminate unneccisary equipment and to position the neccisary equipment in the best possible location.
Looking at the pics again; Try putting the back up reg hose where the longhose reg hose is on the left first stage. Remove the inflator LP hose and the spg HP hose. Now rotate the first stage a bit so that the HP hose (currently holding the wisdom II) points down more. I think you will find that the HP hose doesn't stick out horizontally so much and the back up reg LP hose will route more horizontally to the left.
I can't tell what's happening on the right first stage.
I also can't tell you much about regs but a quick search of the regulator forum in the equipment section should yeild good results. I don't think ID's have any bearing on which regs one chooses other than how the hose routing looks.
You know I don't like the looped longhose for reasons stated but that's up to you. Here is a thought about things as they appear in the pic. If the valve dust cap swings around during the dive it could get caught up in the loop of the longhose as you have it. Then, when you go to pull it out the cap will jam the hose. I don't know if you dive with the dust caps attached (I don't) but it's little thigs like that you have to consider.
Do you need those hose wraps
I don't think they serve any useful purpose.
Strobes. Do you need two and do they need to be attached like that? If they are for signalling on the surface for a boat or something could they be stowed in a pocket somewhere. As they are they may foul a line or hose and or get broken easily. Also, is that clip on the left wing part of the strobe or on the wing? If it's on the wing it serves no purpose (you can't really reach anything there) and only serves as a fouling point.
Light. Is it just sitting there or is it clipped off somehow. If it's not clipped off could a bump dislodge it. I have a simular small back up but it sits along the shoulder webbing under the right chest D ring and is clipped off.
Try doing some of those hose switches, removals unloopings etc... as a start and see what you think. Take a pic. I think you may see a more steamlined functional rig begin to emerge. I would also suggest an excellent purchase for you: Dress for success by Dan MacKay. It is a DIR oriented book about gear configuration that has tons of good advice about the hows and whys of it all, even if you are not DIR.