Is the 4 wood the new way to go?

[Texan]

When I first started, I carried 4 wood and a 7 wood. Saved me a bundle not carrying a 3, 5, and a 7.

I also started like this... but I got rid of the 3-wood and 3-iron to make room for the gap. Now I've got to worry about a lob, but I can't live without a 7 or 5 so I'm screwed...