For items, I would take my scorpion hat (note that's not capitalized, it's embroidered with an actual scorpion, it doesn't have a picture of Scorpion from Mortal Kombat on it). It has sentimental value and I don't go anywhere without it.
Then I'd pack a huge set of light-weight wings.
My materia would be Contain and I'd use Tornado to GET MYSELF OFF THE DAMN ISLAND!!