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Even WITH life preservers on, they could barely keep their noses above water due to water filling the boots after the spill.

After reading your story Jimbo, I went to my local warm water beach and wearing my PFD and hip waders, walked out until they filled with water to see if I still had the floatation and could maneuver enough to get to shore or maybe cling to canoe?

In calm water I barely could keep my mouth out of the water. With wind/waves, I'd of been swallowing water.
Could hardly move my legs and IF I was clinging to canoe/pack, the extra weight would sap your energy fast.

I don't think hip waders are the problem, as much as certainty unless you modify them, they'll fill with water.
If you could secure them enough with a cinch strap or when paddling, roll down so they can't fill with water, I still think they have possibilities.

Wearing them as they come is a recipe for disaster.