i gotta disagree with you on that bradford. i am drinking coffee from a foam cup as i type this. a cc foam of 1.7 pound density or greater should only transfer no more than .001 perms. there fore it will not absorb water as would a foam with an open cell structure. that is why we apply closed cell foam for floation and insulation in the hatteras, and other high end boats, for trinity yachts.
mj is right. in theory, a sealed structure will not gain any boyancy by adding foam, or any other material for that matter. but most boat builders use it in thier boats. and if you ever do get a leak, it will keep the water out. plus it does add stregnth, especialy to fiberglass.
i would not recomend the application for the do it urselfer with a froth pack. spray applying can be tricky enough. pouring the foam requires the proper equipment, training, and experience. these chemicals are applied at 120-140 degrees and heat to much higher temps after the iso andresin has mixed. and the tempreture of the substrate must be controled. if applied in more than 1.5-2 inch lifts the material will over heat and loose it integrity, or possibly catch fire. the materials expand to 30 times its original size when mixed and will buckle steel and split aluminium with ease if not applied right. also be sure to 'kill' the bolts to the structure, cause you will never see them again.
foam is a good idea where ever you can put it, if applied correctly. foam the world, thats my motto