I would ditch the console as well; not only for weight savings, but it's more convenient IMO to use a bare SPG on a 24" hose and a wrist computer. I second t-bone's idea of the braided hoses, they are lighter and they pack smaller as well. When I have to carry a bunch of dive gear, I usually take the hoses off the regs and pack everything separately.
You can probably save more weight and space by ditching the jacket BC and get a tiny wing/AL backplate. One great set up for travel is the DSS kydex plate/tropical wing. Oxycheq makes a great little travel plate/wing as well. And you'll have the GREAT advantage of no longer diving with a jacket BC.
Many divers like to use a compass, but in Cozumel it's not necessary, it's all guided drift diving. That is, unless you do some unguided shore diving where it's 'swim out-look around-swim back' and for that you do need some navigation.