Geoff -
I have been using a wading jacket by Stream Designs (picked it up from the Fly Shop catalog) for about 5 years. I imagine it is intended for trout fishing, but I have found it very useful in the surf...a couple of nice big pockets in front, velcro cuffs,
a hood and waist that can be cinched up tightly. It has a zip front. I don't recall how much I paid, but I don't believe it could have been over $50 (I was a poor starving college student when I bought it)
Good luck...