Having read through what has been said, and adding my own personal and third party experiences, I have to say that in the given scenario I would NOT turtle the boat. My preference would be to drop the main, roll it up nice and tight and lash it to the boat with the mainsheet. Then I'd see about getting back to shore under jib only.

If I didn't have a jib? I guess I'd weigh up my location and either run under bare mast or drift until I was able to find bottom and anchor. You do all carry anchors don't you?

The 'fully loaded' PFD sounds like a great idea although you would risk being given a 'Rambo' label.....