Here's a response from one of my PLB experts who had this to say:
As with most of these things there is no black and white yes / no answer, it depends on the PLB, the strobe being used and how close they are.
As you rightly state, there is no issue with a normal lifejacket light or for that matter a new LED strobe light as neither of these use high frequency inverters or generate hundreds / thousands of volts pulses which is what causes the potential problems.
Obviously if you design things correctly there is no problem either, as a number of 406 MHz EPIRBs include xenon strobe lights and GPS receivers within the same EPIRB housing running off the same battery and they worked ok, but due to the use of the common power supply and very close proximity they did need some careful design.
The biggest problem with strobes is conducted interference, but this isn’t an issue in this scenario as there are no electrical connections between the PLB and the strobe, thus we only have to worry about radiated interference. The problem here is that there are many different strobe light circuits that work in different ways and at many different frequencies with different wiring arrangements, some of which can act as antennas. However most operate in the tens to hundreds of kilohertz region and while they can generate lots of harmonics, by the time you get up to GPS frequencies of around one and a half gigahertz these should be well down. This then leaves the effects of the xenon strobe tube discharge which are difficult to assess, however a bit of distance between the strobe light and the PLB will help a lot.
It's worth noting that in most life vest installations the strobe should not be in line with the GPS receiver in the PLB which is pointing up to the sky, rather it should be off to one side and thus not in the main GPS beam which will also help a lot.
In summary I would not recommend mounting a strobe right next to a PLB, it might be OK but without testing it you would not know. Ideally it would be best to mount them on opposite sides of the life vest to try and get several inches of separation between them, in which case I am sure there would be no interference, however a few inches of separation is probably fine as well.