Looks like tons of fun, but you might want to rethink the waders. If you ever did wind up going into the drink, those things would fill up with water pretty fast. Might become an anchor at that point.
A cheap alternative to a dry suit might be the old neoprene type of wader.
Yes, I was going to say neoprene chest waders fit tight and float very well, unless you get upside down in them. But what is this about "old" neoprene waders? I've got some lightweight rubber coated nylon chest waders that I bought for hunting the marshes, but I much prefer neoprene with polypropylene underneath for cold season river fishing! A dry suit might be overdoing it a bit for that...