Heat sealable fabrics with a PU coating or PU film laminate are commonplace. The heat sealable nylon fabrics from Seattle Fabrics are TPU laminates, as were the fabrics that Bender used for his Kookabay inflatable sleeping pads. I used 30D and 70D nylon/TPU fabrics for two MYOG inflatable sleeping pads and a dromedary-style water bag.
I don't know much about PVC coated fabrics. Ryan, do you know the weight or color of the fabric you're considering buying?
Also, I remember reading that all of the major hydration bladder companies (platypus, camelbak, etc.) originally made their bladders with PVC, but switched to PU because it is far stronger and less prone to cracks and tears. This suggests to me that a welded PVC bond might not be as strong as a welded PU bond, but I'm only speculating.