Hmmm....
Here are a few thoughts for you to ponder:
1. If you havent already, you might research SCBA systems, rather than SCUBA systems. This might be the easiest and cheapest route. One like this might fill the bill:
http://www.websoft-solutions.net/product_p/nr-800-ser.htm
But this wouldn't have the surface valve you mentioned, so you would probably have to fit it to another mask.
2. Used aircraft systems: They are typically pure oxygen systems, which you will probably want to avoid. However, if you were able to pick up a pilots oxygen system, you could always use it with just compressed air. From a SCUBA perspective, O2 is safe as long as you stay less than 15 deep, so that shouldnt be a concern, but I dont think I would want an oxygen system anywhere near a wrecked boat with the potential for fire... If you go this route, remember that you will have to get it refilled. I believe pilots systems and SCUBA systems have different fittings, so I don't think SCUBA shops are going to be able to fill a pilots bottle with air. Likewise O2 providers will have the right fittings, but won't have compressed air. With a little research you might be able to construct a whip that would enable SCUBA shops to fill the tank, or you could rent a SCUBA tank and use a custom whip to cross-fill your tank. Also beware that most O2 systems are lower pressure than SCUBA systems, so it would be very easy (and deadly) to overpressurize an O2 system when filling from a SCUBA system.
3. There are also some SCUBA systems that you could use to hack something together. Going this route, I personally would look into getting a valve/first stage combination like the H2Odyssey RAS or Aquavit X-Tra (very compact):
http://www.h2odyssey.com/ras.htm
http://www.aquavitinc.com/xtra.html
and replacing the hose with one of sufficient length.
Note that the H2Oddyssy has a dealer network for getting it serviced, while the Aquavit advertises rebuild kits online.
If the second stage regulator is too large, you might get just the combo first-stage and valve from them, and combine it with a small second stage regulator, like a US Divers Micra:
http://www.leisurepro.com/Catalog.aspx?op=CartDisplay&LastRecordID=270477
then fit it to a SCBA or pilots mask.
4. Do you have to have a facemask under a full-face helmet? If you can use a helmet without the chin bar, and don't need an automatic system, can you just have a SpareAir within reach?
http://www.spareair.com/product/models.htm
Of course, if you not conscious, you're screwed.
Here are some additional points to ponder:
Any system you come up with will be a life-support system, and must be inspected/serviced annually. You may be able to do this yourself, but getting parts could be a bear. I would recommend buying or putting together a system that you know you will be able to get serviced, even if you have to take different parts to different places. For example, your typical SCUBA shop will only service brands that they carry. I had a set of SCUBA regulators that I really liked, but ended up selling them because I couldnt get them serviced locally.
Components designed for SCBA or pilots are probably OK for use in shallow water, but make sure before you have to use this system! If you race over salt water, keep in mind that salt air (and, of course, salt water) is highly corrossive.
If you do get any SCUBA components, or expect to get SCUBA air fills, factor in the price of a SCUBA Open Water certification course (if you dont have one already), as you will need the card to get the components serviced and to get the tank filled with air.
For a pilots or SCBA system, find out what it takes to get it serviced, and if anyone can do it locally.
Just some thoughts on the idea... Good luck!