I have recently been having the same quandry it seems everyone else does. I keep going back and forth between a chest pack, vest, and fanny pack, trying to find the most comfortable. I think of myself as a minimalist, until I look at all the stuff I carry with me.
I've take two of my own steps to see how it works out.
First, I ordered a custom fanny pack from Recycled Waders, using my kids' old waders. I stacked up all of my stuff, figured out the volume I needed, asked them to make the fanny pack to my specs (they did), and placed the order. It's going to come back made out of Orvis Clearwaters and as soon as I get it, I'm going to seal the seams for a waterproof fanny pack. It should be the perfect size and waterproof for wading.
The other thing I did is get a heavily pocketed fishing shirt and took it to a tailor. She's hemming it short like a wading vest, and hemming in a bungee drawstring (like our rain gear has). I've often wondered why vests weren't made similarly lightweight. I hate to cut up an $80 shirt, but if it works, I've created the perfect lightweith wading vest. I'm just afraid I'm gonna look like April Vokey in the latest tailwater fashion.
One other option that a buddy of mine came up with. He bought four camera cases and threads his wader suspenders through the belt loops. he wears waders with two camera cases attached to the suspenders and a lanyard.