I don't deflate, mind you the places I hike to I don't need to. They're always <5 km in length and wide trails. The photo below is of my old set-up
My fishing stuff is in the centre of the donut in a small sack and is held in place by the apron. The rods/net are across the tube.
My new set-up, I have a standard backpack full of my fishing stuff which I carry on my chest and my pontube is strapped to my back with some straps. It's very 'balanced' this way, but you can't see your feet.
I have also tried strapping the tube to a metal-framed backpack and shoving my stuff in there, but I found it hard on the back as it was quite inflexible.