shockcoed system is good and a good addition is tieing a bit of whipping twine to the rope and then the rear eyelet, pulley and tighten it up to make sure its all out of the water. then if you capsize (not very often ;P ) the twine breaks as soon as you grab the righting rope and you still have the shockcord to keep it out of the way while you sail past the rest of the fleet and onto victory
ps did you end up getting your lifejacket back? i completely forgot to mention earlier but we did hand it into the club.

Mosquito 1750 Bonnie-GLYC / Peninsula

The plan was simple.... Like my brother in law Phil, except this plan just might work!