I'm surprised that you would have gcc and things for compiling on what would be an embedded system..
Wouldn't you do any necessary compiling on another box, then copy your compiled modules / apps over to the embedded system ?
pcmciautils - Is there actually a PCMCIA slot on the embedded system ?
locate --- database of the directories on your system.. not needed if you can wait for find when searching. you also have the size of hte database, and overhead of the indexing
manpages - why bother with manual pages at all on an embedded system, look em up online
man-db - same reason
info - Documentation viewer
netcat nifty network utility for doing interesting things..
minicom - serial communications program
libfreetype - Font engine shared library files.. I don't see X anywhere shouldn't need this.
links - text based web browser..
fdutils - please tell me there isn't a floppy drive on your embedded machine..
ed / nano both are editors one of then could go..
Of course I don't know the purpose of your device, so...
I should throw a disclaimer here as well.. in case removal of one of these breaks the system.. so count yourself notified.. but I don't think anything I've listed would be an issue.