I think anyone interested in bushcraft should do an exercise like this at least once, with the proper safety precautions in place.
The knife is optional - a more realistic approach could be a folder in your jacket pocket and some odds and bobs that you might have when, say, taking the family pooch for a walk.
You should take a look at Thomas J. Elpel's various videos:
"Three Days at the River with nothing but our bare hands"
"Mountain Meadows - camping with almost nothing but the dog"
"Mountain Lakes - a survival fishing trip"
"Canoe Camping - on a song and a paddle"
Check out this "
The Art of Nothing" publisher page for more details and sample video clips - truly entertaining, very educational, and it demonstrates 'proper bushcraft' which is (IMHO) knowledge and skills rather than the particular knife, stove, pack, jacket, boots, etc philosophy we tend to see.
I've always argued that, if you took away their firesteel, a rather depressing number of bushcrafters would be cold and fireless by the end of the day.
It can be very humbling and it's a great reality check to go out with next to nothing - suddenly an awful lot of things are put well and truly into perspective - the hard part is keeping that in the fore since people have a natural tendency to rapidly forget just how good the good things are and how horribly bad the bad things are. Lessons learned are often quickly forgotten, so try to hold onto it if you go out and try it.
A great way to experiment is if two or three of you go out to the same area for a long weekend and one or two try the lightweight approach while the other(s) are kitted out as normal and available as safety fallback in the event of the sky falling in
Having that layer of backup is very reassuring and, on the one hand, it removes a lot of the pressure you might otherwise feel while, on the other, it often spurs you on to greater success when you know you might have a critical audience watching your movements
Either way you should always take a safe approach and that will mean different things to different people. Try a coastal exercise first, because as long as the weather is reasonable you have to be the world's worst bushcrafter to go cold and hungry along most stretches of coastline in the British Isles. Once you get a couple of them under your belt you can start to alter the trips to more challenging environments.
Just my thoughts - good luck with whatever you decide to do
