The photos at the beginning of the thread remind me that a lifeboat in WW2 was designed and stocked with the mindset that the castaways often had to reach land on their own. Even in temperate latitudes, about eleven days was the average before crew began dying.
Nowadays, a lifeboat is a capsule meant to keep castaways afloat for a few hours before the helicopter arrives. Survival nowadays is a passive procedure.
The compass won’t be used. A redundant EPIRB or sat-phone makes far more sense, space-wise. It’s nice to have a motor capable of 24-hours use, but in reality it’s only really useful to pick up other survivors. A heater to prevent hypothermia would be a more useful use of the fuel, if you’ve sunk in high latitudes and have to wait six hours before rescue.
Pyrotechnic flares are dodgy. Electronic flares exist for non-commercial boats. These very bright LED lights strobe out SOS. But they are not SOLAS approved. Inventive AIS-tech for lifeboats makes more sense then tossing out expired flares every year.
Storm oil, hatchets, mirrors, etc. are useless. Better would be redundant communication equipment, or heating. The average person can go for weeks without food, but hypothermia kills PDQ. Survival suits help only for so long. No one has designed efficient chemical heaters for survival suits, even though “Hot Hands” chemical heating tech is well known.
By the way, the first aid kit provided for lifeboats is pretty minimal. It would be easy to bulk it up for bandaging for major wounds. I think 85 years ago they were probably much bigger and have shrunk since then.