Sorry to burst your bubble on closed cell foam. You see, it is a chemical reaction that causes the gas, which forms the bubble, that bursts, and forms more bubbles. Hence it is not really closed cell. If you look at Styrofoam SM, or a coffee cup made of foam, that is closed cell.
Both my baby brother and I have rebuilt boats and had to cut out water logged floatation foam. In my case the water logged foam added about 300 pounds over time. The stuff can hold ALOT of water! Trouble is, nothing will seal like a spray foam, and you always need floatation foam by law on boats under 28 foot. You can cut sections of Styrofoam SM, or white foam block, and put them in place and spray foam around to reduce the water logging effect, but either way, this is a problem with a humid environment over time.
Bigger problem on floatation foam where you have wood stringers is the moisture is always on the wood once it soaks. You could change over to composite material for the stringers, but that is expensive!
Either way, if something goes wrong and you do swamp the boat, you will be happy that you re applied floatation foam to the boat. That is a must do on every boat rebuild. There simply is no way to guarantee that an accident or rogue wave will not occur if you are on the salt long enough.
Drewski