I think you should try them because you perceive the value. I went for years trout fishing in an area where the water is shallow, and I used chest waders just because that's what everybody else was doing. Then I realized that a decent set of hip boots would be high enough to keep me dry, be much more comfortable to wear in the typically hot weather I fish in, and were cheaper to replace if I ruined them. I tried the hip boots and it was a great decision.
One thing you will need to look at, because I learned the importance of it when using hip boots, is your belt or however you're going to support those waders. I've seen some waist highs with just an elastic waist. That may be good enough, and it may not.
My closest application that resembles yours is that I keep a pair of elastic waist and velcro ankle rain paints in my rain jacket. I would not want to be without it. They're light weight ripstop and they roll up so I can fit them in the jacket pocket when I'm not using them.
I still use chest waders for deeper places, but those hip boots are fabulous in the trout streams.
Also, I just replaced my old Red Ball chest waders after about 20 years and enough Barge cement to build a house. They finally had so many little holes in them I couldn't find them to fix them anymore. Got a pair of light weight Hodgmans, and ooo-eee are they good! Cost under $100 and they are comfortable and light, and I just love the things. Waders have really advanced since I bought the old pair.
