All depends on meeting the requirements or whether its going to save your life.
A hand held will give you a range of approx 2-3nm and if you get into trouble and drift out to sea you are in deep shit. The extra cost and trouble of setting up a big set as to probably saving your life are bugger all.

First its the 24 beacon then on a good day its 23 then 22 and so on, been there done that because the temptation is always there.

 Handhelds are limited by law to 5w output(detunable to 1 for in harbour use) fixed units are 25w. A VHF with a 1.8mt antenna on a Hardtop or Centre console (eg 1.2-2mt+ above the waterline with 1.8mt + of antenna) is said to give 30 nautical miles because vhf is still line of site.

Dunno about handheld 27mHz but a fixed unit is $179 with an aerial/base approx $100. VHF handheld $300+ with a 3" aerial at arms length and 5w might get you to the horizon. Or fixed VHF for $250 with DSC and approx $100 for aerial and base 30nm.  Same as flares, sure you could spend $85 on an inshore set or $110 on an offshore set with para flares.  Or EPIRBS, $360 for 100mt accuracy with a GPS, or $290 for ~5 Nautical miles accuracy with no GPS.

Save a buck now, hopefully it wont cost you your life later.

A 14ft tinnie is not very high, and may not have the structure to mount the units including the aerial on it. If you were to invest in an epirb with GPS and a hand held VHF, wouldn't that be OK if one got into trouble?

 Iana is on the ball as I have minimal places to mount it and keep it dry and find  it hard enough fishing with a Bimini up let alone aerial in way so is prob more of an inconvenience for placement and install then costs,,,... I would also only plan to get out there on good weather days so if a handheld would do it , it would be great ,,, I got the GPS epirb , it just the radio that was a bit of a paint to fit...

 Good move with the GPS epirb. They are much more accurate and send out an instant signal resulting in a faster response time. 

Handhelds are definitely not as good as fixed but you will be unlikely to ever need to use it. If you do need it in the area you are saying you are fishing then the Port Authority tower will get you there no problems.