I have the VHF in the right pocket, camera (or small binoculars) in the left, clip on knife, signal mirror, whistle, and compass. I wear it when tidepooling for mussels and such too. Ya can't be too careful. We loose about five fisherpersons and divers each year in Fort Bragg, CA, sometimes folks just standing there, watching the waves, and "poof", their gone. Very sad, really.
Be careful about putting too many heavy things in a PFD. The radio (Standard Horizon) is the heaviest thing I carry. Get a floating radio if you can.