I think you have the right idea. While the power of a xenon strobe is an advantage the fragile flash tube, battery life, and overall unit bulk and weight make such a unit a burden.

At night in a wilderness area a small blinking light can be seen for miles. Something small and light like a Pelican 2130 Mini Flasher LED Submersible Clip-On might be more practical:
http://www.opticsplanet.net/pelican-mini-flasher-2130-led-flashlight.html

Tiny and less than a third of an ounce each, including batteries, you can carry two. Run time is reported at 130 hours, better than five days. Hoist one high into a tree, or on an exposed ridge line, with a note telling people which way you're heading and use the second at night to advertise your position. The one you leave behind is cheap enough, under $10, to be expendable in an emergency.

A pretty good little light that is compact enough to have with you is better than a really good one left at home.