If I cut down a piece of old mirror and polished up the edges, coated the back in rubber and packed it along would it be almost as effective as my traditional signaling mirror, minus the aiming hole of course?
You could use the 19mm 4-6 wave optical flat mirror available here;
http://www.edmundoptics.com/onlinecatalog/displayproduct.cfm?productID=2077although aiming the mirror would probably be very tricky although not impossible. Higher precision mirrors are available for bouncing laser light around without the beam diverging but they are considerably more expensive.
It would be an interesting experiment if you could compare its performance against a commercial polycarbonate aiming mirror you can pick up for around the same cost.
19mm circular flat mirror = 283mm squared
Typical Adventure Medical Kit Rescue mirror = 3500 mm squared
So the 19mm will reflect less than 12.5 times less light or probably around 10 times (assuming the 19mm mirror is more efficient). The 19mm beam will probably be less divergent than the commercial polycarbonate mirror because it will have a flatter surface.
I would have to say the 19mm mirror wouldn't be as effective mainly due to the aiming problem and the reduced size of the mirror.