( I did too, its says outdoors, but nothing I could find on open or closed cell)
I agree on the wellcraft, not sure why it listed, but we turned lock to lock on a plane to get all the water out, 360's hole shots, etc, no luck.
on the dolphin, I cut into the stern deck to run new teleflex and bilge wires. it was oily greasy wet and heavy. -fwiw, I added aluminum 'skirts' around the engine to raise up the transom a bit, so the gap was much less than the 2' it had... which did help some.
I've used the great suff a lot. (and before that the 2 part you pour and mix -that was some scary stuff, since it expanded so much and got very hot!)
try 2 jars and cut one blob in half. the other full. they will both float, the one that was cut will float less and weigh more.
-fwiw I use the closed cell foam they often ship computer in. (or the stuff they sell in sheets at HD).
-I'm using it on the mac, mostly as glue.
http://i5.photobucket.com/albums/y159/ftldiver/mac/6de06ea4.jpg
not the best shot, but its the glue for the closed cell packing I stuck to the hull. it doesn't get much water there so its fine.
like I said, anyplace its not cut or not immersed in water it should be OK.
http://i5.photobucket.com/albums/y159/ftldiver/mac/7132c902.jpg
but its not closed cell.
its also hard to use 1 can 2x.. the nozzle clogs fast.
-ymmv.