Good points, PS. Clearly, TPAs are no substitute for a proper life raft.

In our circumstances, we never leave port alone. That is to say we follow the buddy system of linking up with other boats headed to the same fishing grounds, and return in a similar "wolf pack." We always file a float plan. We have redundant radio capacity that includes handheld waterproof VHF units in individual dry bags. We have EPIRB, the usual compliment of hand-held and rocket flares, dye, whistle and mirror setups, throw bags, and pre-rigged tether lines. We have redundant chartplotters as well as backup handheld GPS. And, of course, emergency H2O and first aid gear.

Adding TPAs seems to only make sense as they would fill the largest hole in our preparations. Why not full fledged survival suits? Why not add a life raft? Well, cost is a consideration, as is stowage space. A 22' boat becomes awfully small when all is considered. So, we rely on our judgment (and reports from NOAA and the USCG) and stay home when conditions are questionable.

In the final analysis it all comes down to judgment and risk aversion. It appears that TPAs are an acceptable tradeoff...at least based upon what I know at present. Thanks for the input!