It works.
I recommend a triple system.

What's in your pockets doesn't count as part of the system. They are the last ditch resources.

Vest: a civillian equivalent of a load baring harness. The next step up,

A small secondary pack: Either a day or fanny pack.

Main pack:

You ditch in the reverse order. It gives you an extra layer.
_________________________
When in danger or in doubt
run in circles scream and shout
RAH

And always remember TANSTAAFL