Bernie.....initially I was with science and Bob on this...there is no reason not to believe that bloke who said 'Eureka'
However there is that finely established line between positive buoyancy and sinking
The foam manufacturers spiel 'that it keeps
15lb afloat' needs clarification and understanding........the thought or concept that this same foam material would preclude a
15lb model from sinking may be valid, however is sinking to an unrecoverable depth your concern?.
.. or are you assuming that the vessel will not fill with water?
That 2" gap between the muffler & the foam noodle when measured in the kitchen is filled with air, however if water entered the hull that same space is now filled with the same weight of water that occupies that space....the same applies to each and every air void in the hull
Maybe some more thought is required
......Derek