Something I've found with a lot of my older characters is they have a LOT of powers. But when I look at them now, I realize that there's some overlap. I have power X and Y, so power Z isn't really necessary. An example of this is that I had an all elemental character who could use fire, water, air, etc at will. But when I looked really closely at what they were doing, there were ways to work around a lot of the elements by restricting them to fire, and they would still be able to do a lot of the stuff they always could. Instead of skating across a puddle of ice that was always under their feet, they encased their feet in stone and slid across pools of lava. The restriction in powers made her much more interesting thematically. 

If that's not possible, just write down their powers in a vauge sense, being sure to write in their limitations. Instead of mentioning the 10-15 different fire spells they can cast by name, simply say they can manipulate fire and to the extent. For my character, I noticed they only really needed to melt things that were relatively close to them, and most of their other effects were explosions. So they are able to heat up and cool things near their body, and they can enchant items and throw them to get those distant explosions. I gave them a coin pouch to accomplish this. The coins have a hole in them, and some are kept on a string. So it's possible to do the kunai knife thing, only with exploding coins.

And some powers simply aren't necessary. I once gave a character a pendant that made him appear more attractive, but nobody really knew how to RP with it. Said character was plenty charismatic without the pendant, so it didn't really serve a function. I ended up removing it from his sheet in the reboot.

As far as weapons go, people realistically carry two, maybe three weapons on their person. A primary weapon (bow, assault rifle, spear) secondary (pistol, sword, club) and usually a back up knife for [i]really[/i] close encounters, and possibly some utility items like grenades, scrolls, or an anti-tank launcher. If your character is carting around more than one primary or secondary weapon, you might want to lighten their load. 

There is no easy way to simplify a character, especially if they have 2346257457 auxiliary powers. But through careful observation of powers, you can parse things quite a bit by getting rid of stuff you don't really need.