While I'm not advocating for or against your vest setup, what you have on you will depend on where you fly. While HAL was knocking your specific setup, having some sort of either ditch bag or wearable setup can be helpful in more rugged terrain. My dad wears a simple fishing vest with a couple of items on it and then also has a ditch bag, but he flies out west, and in winter, where recovery can take a long time. I know when I've flown with him in winter, I've looked down when going over a mountain pass and wondered where exactly we'd go, assuming we survived the landing.
But bottom line, the two biggest things that will get you recovered alive anywhere are a first-aid kit (and the knowledge on how to use it) and a PLB. The PLB lets you move and still be found. I wouldn't count on the ELT in your airplane, but the PLB on your person is money.