Distributed might be fine, except I'm worried my sweat/rain will damage the wallet/phone/keys/badge. I suppose I could use a few small ziplocs, probably be fine. Certainly cheaper, and keeps crap off the bike from bumping my legs.
I normally just ride training with my primary phone in a ziploc, work phone/wallet/keys stays home. Only other stuff usually in my pockets is my cleat covers, and a route if I have one and it's not stuffed on my thigh under my bibs.