Along Lance's statement, most of that equipment can be packed into a very small pouch and carried on the person. In fact, marine stores sell a "Jet-ski" emergency kit which includes all the flares, markers, and stuff. It's slightly larger than a soda can.

And yes, extra pins for shrouds, rudders, and an all-purpose tool should be attached to the trampoline.

On day one at Hogsbreath, if it gets ugly, just drop sail and pull up on a shoal or someone's back yard. Don't have to worry too much about an anchor....

Oh, and I'd consider a camel-back water pouch or other easily reachable hydration container. You could be on the course as little as 3 hours, or as much as 12 or more. A few energy bars work too.

Consider the exposure. Yes, we'd like it to be sunny all the time, but it can get chilly, so you'd need your spray gear at a minimum (it also works well against sun exposure). Some prefer wetsuits, but I like the flexibility and breathability of spray gear.

Maybe take a practice sail... Miami-Key Largo and leave the boat down there for the week if the first race was easy for you.