I have the V21 cuddy and keep the life vest clipped to the hand rail on port side using just one of the vest tie clips. Not in the way, easy to get to.
We also keep a life ring attached to Bimini pole with very light mono so if someone goes overboard, it breaks away to throw to person.

Anyone know where to get a reasonably priced life ring? I'd like to mount one but every time I think about it and check prices, I don't do it. I do have two automatic inflatable PFD's and a manual one for a spare or guest on the boat.

Something cheaper? use a seat cushion. I believe you should tie a small rope around 25' or so to any throwing device. In case you miss your target or you could pull that person to safety.