TrueCrypt accomplishes the same thing of encrypting and hiding your data. There is no need to use a second application. If you think about it, there isn't sufficient need to hide the data on your flash drive. Feel free, but it is over kill in my opinion.

My theory: Have an encrypted set of data on your person via USB drive, memory card such as SD card, CD, MiniCD, or DVD. Have a second copy of your encrypted set of data at a remote location like a family members house, again in your preferred format. Have a third copy of your encrypted set of data, this time using stenography to hide the data in another file, stored in an email account or two. You then have several copies available to you in case of a need.

Your personal copy could be on a USB drive drive you use or on a microSD card that you keep in your phone and also listen to MP3s on. Always with you and out of sight/out of mind. As long as you use good encryption, you don't have any concerns about your data.

I also 2nd the recommendations to include information on emergency contacts and home/personal inventory with this data.