How long can you stay immersed in the waters you are sailing in safely before hypothermia sets in? I'd also use a "when" not an "if" mentality about dumping the boat if the water temps are cold to frigid. If I fall into Lake Michigan in the middle of August, so what. When I fall into Lake Michigan in mid May or late September, I'd better be prepared.
My $0.02 worth
P.S. I am budgeting for drysuits for next season.