Given what happened to that guy who got run down last summer, I would want a USCG approved PFD in those waters. Just my opinion, but would you want your wife/mother/children not to get your life insurance because you wanted to be a little more comfortable? You are in the United States, Land of Litigation. We all know a type II is uncomfortable in the heat, but a USCG PFD is required equipment on your vessel.
Well Rob, though you may not have been pulled on the water while sailing, some regattas are now requiring Coast Guard approved life vests. The slim "Buoyancy Aids" for most are not Coast Guard approved and if you were them at a regatta where Coast Guard approved life jackets are required, it is grounds for a protest and to have you thrown out for every race you raced using that life jacket. Though I highly doubt that someone would protest you around here in Charleston.... if you went to a larger venue it would be a possibility. I say this with experince b/c while racing in highschool that issue came up in a Regional Championship where the team that was protested got DSQ for every race that the buoyancy aide was used. So be aware of the racing instructions on life jacket requirements.
Just curious Rob, you've mentioned a couple times above that
"The Laser class designates a minimum flotation device requirement"
Where are you seeing that ? I don't see it in the class rules.