The problem with the Cabelas jacket is that it does not offer any head/neck support. If you crack your melon going over the side, you'll drown while you're unconscious. Your body will float so that it can be recovered for the funeral, however.
David, I don't think you're irrational for choosing a non-inflatable PFD. I have no advice for the product you're looking for though. You might consider mailing letters to the big manufacturers, telling them what you'd like in a product. You can point back to this website to show them that others would like it as well.