I carry a commercialy built 100# bag when diving as it stows neatly. But for big jobs I have used a lot of stuff that are more bulky, but the price is right. One problem on improvised lifts is venting them in a controlled manner. I've used the pressure release type valve found on old hot water heaters. Screws right into the bunghole on a 55 gal drum. Makes venting a cinch. Also a good way to rig drums is as a pontoon. The cylinder is on it's side rather than up and down. To rig it, cut a small "mouse hole" near the rim at each end of the drum directly opposite from each other. Run your strap through the drum at the mouseholes. Locate the mouseholes so they are also opposite the bunghole , which will be used as a vent with a valve screwed in it. When filled with air, the drum is sideways, the mouseholes are towards the bottom of ocean with strap running through them and attached to the object to be lifted. The bunghole is located at the upper side of the cylinder and air can vent through the pressure release valve.
Also an innertube is a handy liftbag. Cut through an innertube so you have a horseshoe shaped cylinder. Run a strap through it. Add air , instant lift bag. Excess air vents at the two open ends of the innertube.