Each carrier has their own rules within guidlines provided by the FAA. The best thing that you can do is to call your air carrier and work it out in advance. If they say you can take it, make sure that you get it in writing.

I just looked in my Flight Operations Manual and if you we flying with us, you could not take it if it contains a "wet" battery. If it contains a lithium battery, it can be carried on as long as the battery is installed in the device or the battery is in original manufacturer's packaging. Also, the battery must contain less than 8g lithium for lithium ion batteries, or 2g for lithium metal batteries. If it has some other type of battery that is not wet, it can be carried on as long as the battery is installed in the device. With the battery removed, the EPRIB could be either carried on or checked.

TSA will be the real problem. It almost doesn't matter what their rules are because many of the screeners neither know nor care what the rules say.

As a side note, my company allows inflatable PFDs with two installed and two extra CO2 cartridges to be either carried or checked.