There was a similar concept back in the 1800s, when ships were sinking at a horrific rate. A chap invented a rubber raincoat, that could also be used as a bed, a tent and most importantly, a one man liferaft.
It sounds ludicrous, but it was actually quite successful in the early days of Arctic exploration. And it played a part in starting the first high-performance sailing craft.
sailcraftblog.wordpress.com/2016/05/25/1019/
