LPF person here.... First off, there are very few lasers that I would trust in an emergency. Green, as you said, is the most visible to the human eye, but when the temperature changes (if you are in a cold or hot environment) it can cause power fluctuations, and minor movements in the laser cavity which can cause the beam to be very divergent. The same goes for physical shock. You might want to go with one of the rayfoss.com waterproof lasers, they are cheap and powerful. No big deal in terms of loss if it breaks.
and @ragnarok, I think you are right to say that blue lasers are better for atmoshperic scattering, but I'm pretty sure the idea is to point it directly at the object for signaling so this could actually be a detriment, plus there is the cost factor.
IMO the best signalling device is a dedicated one. I own 2 flare pen kits. Let me compare the two:
The first, I got at cabellas. The launcher is plasic, ugly, and hard to operate. That said, the flares are very nice and I'm sure go very high up. I fired one at a hill (winter, so no fire danger) and the recoil was very impressive, so was the noise.
I was deaf in my right ear for a couple hours. So hold this away from you. The flares are solid aluminum and sealed with some kind of resin to be waterproof.
The second is from tru-flare USA. I got the red launcher. It is all metal, I don't know if it's steel or aluminum. I LOVE the launcher, it's very small and easy to use, plus it looks great and could be used for a pen-gun project if you were so inclined. The flares are so-so, they are made of plastic and I don't think they are fully waterproof. However, I waterpoofed mine by taking of the cap, and putting some wax in the inside and then doing the same on the outside. I also waxed the outside of the primer. I HAVE NOT fired these yet, so I cannot really compare them to the cabellas one, but I don't think they would go as high. But as long as you are not under humongous trees or in a canyon you should be fine.
The bearbanger rounds are sweet, it's a plastic orange thing longer than a flare, and when opened up it looks really cool. There is a sleek silver projectile that appears to have a small aperture that directs the jet of some solid rocket fuel (like in an estes motor) which leads to the explosive. These things are great for scaring the hell out of wildlife or daytime signaling.
So, in short, don't spend too much effort on a laser, rather go for a nice flare kit. I only own pens, but you might want to consider a 12 guage flare pistol (or just fire 12 guage flare rounds from a shotgun) or even one of those really cool surplus metal pistols that can fire exploding or smoke rounds too.
will