Thanks for the ideas, I'll give a report next time I go body-surfing. Followup thoughts...
Another flotation option is one of those travel pillows that wrap around the back of your head; I have no idea if it would work well.
I've heard of compact belt-type PFDs but the only one I could find is
this one . Anyone know of something smaller? I'd have to secure that activation cord somehow to prevent it going off unexpectedly.
My bathing suit with zippered pockets is "traditional" size but I bet there are "longer leg" varieties with larger pockets, maybe cargo pockets

Folks listed many items I did not think of. Some others might include
- Button compass for overcast days or the sun is too high to figure out which way to swim (use a map beforehand to familiarize yourself with how the coastline runs).
- One-time packet containing a sunscreen-impregnated moist towelette. Quite tiny and I've been glad before that I carry one in my belt pack kit.
- A shortened version of the RescueStreamer
- Something to shade your eyes, whether disposable optometrist glasses or just a small cloth.
- Would a keychain-type LED flashlight with a flashing mode be bright enough to do any good?
I don't know how workable the the items above would be in practice and there is always the issue of what to keep and what to leave when you can't take it all.
If a rip tide is not a plausible scenario to you, many of the items folks have suggested would also be useful if you were boating and somehow fell out without being noticed. Ignoring the wisdom of it for a moment, imagine nobody is wearing their life jacket because you are required to just have them in the boat. Over you go and it takes a few seconds to come up and cough out all the water you gulped in. By then your cry for help is carried away by the wind...
And lastly, somewhat unrelated, whenever I go to locations where people are fishing I like to have some kind of wire cutters to deal with getting hooked - BTDT.
Thanks to all,
Steve