Thanks for a an articulate, well thought out response. It will be
very helpful to me in deciding what course to follow.

I had my Switlik 4-man raft repacked last summer. It's quite ancient
(1989) and was last repacked in 1994 (yes, we indeed missed a few
inspections).

In any case when a raft is repacked after 5 or more years it must, according
to USCG standards, be inflated with the CO2 canister instead of the manual
pump (which is the usual way since the cold CO2 doesn't do much for the
durability of the fabric). When the technician pulled the pin the raft
inflated perfectly. He later determined that it held air for beyond the 48
hour period and that the raft basically functioned perfectly. Frankly I was
quite surprised (and happy). I just don't trust these gadgets, but ....

I had the same experience you had with the new CO2 valve. Apparently
Switlik sent around a circular that required a new valve after a certain
period in order to meet the USCG specs. Mine went for roughly what you were
quoted. All told, with the new valve, labor, new emergency gear, etc., the
bill came to something in the neighborhood of $900. I was glad to pay it,
and here's why.

Many technicians have been quoted as saying that the older rafts are better
quality than some of the newer models. I was surprised to hear this, but I
have heard it often enough that I'm starting to believe it. Next, I have a
custom deck mount that fits this raft, and I'm lazy. Building the mount
once was sufficient. And finally a comparable new raft is on the high side
of $4000.

If I were in your deck shoes, I'd have the raft repacked and re-certified.
However I'm going to wait until my wife leaves the room before I discuss the
gear I am adding to the ditch bag.