wrote:
IFR minima require a flight altitude 2000' above
the peaks.

Above the terrain, not necessarily the peaks. You may be in a valley
several thousand feet below the peaks at a legal IFR altitude.



At least the mag
compass will continue to work much more reliably than the electronics.

Work, yes. Relaiably, maybe. Many areas the compass isn't worth a damn.



ELTs are another item often ignored, and we've heard the stories
of the guys down in the bush, watching the search planes fly over
looking for that needle in the haystack while they think about their
ELT with the long-expired battery.


If you were smart you'd have a second ELT, preferably one you can talk
on, with all those expired batteries that were never used. Carry it
around with you after you crash.