Agreed, I imagine I'd remove my pants and attach them around my waist with my belt, tying the ankles shut. Similarly I'd tie off the wrists of my shit (I always wear a long-sleeved t-shirt when I fly, I'm naturally warm so a jacket makes me hot and a regular t-shirt makes me cold) and hold that.

As another poster said, falling like you're hugging the top of a giant ball can reduce your terminal velocity by an extra 5MPH, but it's unstable. However with your pants acting like a drogue, you might be able to stay stable enough to use it's effect.

I'd agree with you however, gaining lateral velocity instead of vertical is perhaps key because 'tuck and roll' could probably save your life. It's also worth remembering that the human body can survive more g-force through their back than their front, so the 'tuck and roll' landing increases your odds. Although carrying a backpack full of foam would be preferable if you wanted to try the 'tuck and roll' landing.