Now,,,, the Standard Horizon floating VHF with the strobe is a great idea.
I'll stick to my Standard Horizon VHF with a strobe that goes in the ditch bag along with the EPIRB.
There are items to spend money on and items to waste money on. I don't think a floating winch handle is a waste of money. Dropping the handle overboard in 100 feet of water and watching it disappear is a waste of money. A better idea would be to put a lanyard on a heavy chrome bronze one and put the other end (with a noose) around your neck. That way, when you drop it overboard you can go with it.
Now that's funny!(nl)(attempt at Sunday morning sarcastic humor following your lead)