I used to fish offshore a lot, usually 1-2 miles off shore occasionally more, and sometimes in offshore winds, I eventually got one of the new small EPIRBs with built in gps. If you have some extra cash you might consider one of those, mine was just under $300 new.
On PFD I had:
Emergency red tape, you unroll it for visibility
100ft of 3/8" rope
AI Toolkit (See Kayaking Bob's post I think)
T-handle for paddle
Bowline with velcro to attach to paddle
Spare rudder pins
I didn't go out and get it all at once, I built it up over a year or so as I worked my way more offshore and for longer periods, hope this helps
Oh, a good sailing partner is key!