I figure that a 4'x8'x3'' foam sheet displaces 8 cubic feet of water @ 62 lbs/cubic-foot would give you ~500 lbs of buoyancy. For a V25 you would need about 2500 lbs of buoyancy thus you would have to install 5 such foam sheets. Does that make sense?
Ahhh.. at last! Something I know a little bit about! :dance:
The pink insulation is not styrofoam: it is extruded polyethelene foam.
Some differences include (as you already mentoned) the pink stuff isn't a mass of little compressed granules: it's an extruded foam sheet. That makes it less messy to work with.
Also, the pink stuff can be fiberglassed, but styrofoam will just melt under polyesther resins. But you don't really need to fiberglass the pink stuff, since it doesn't absorb water. For floatation purposes, it's good as is.
However, the pink stuff will disolve in gasoline, so beware there.
About your buyoancy calculations: essentially correct. Each sheet is 8 cubic feet: figured at 62.4 pounds per cubic foot of fresh water; or 64 pounds per cubic foot sea water; each sheet has a potential displacement buoyancy of 499.2 or 512 pounds, respectively.
(Minus the weight of the foam, which I'm deliberately overlooking since it's only a few pounds, and we're dealing with simplified estimates here.)
For the purposes of illustration, let's go with your number: 500 lbs positive buoyancy per sheet of foam.
Let's say your Mac 25 hull weighs 2500 lbs dry: If it were completely flooded with water; and you had five of these sheets installed within the hull, so that they were submerged along with the boat; the boat would be floating with the top of the cabin right at the surface.
(Actually, the boat would be riding higher than that, because the materials it's made of has at least
some additional displacement buoyancy that we're deliberately not crediting here, so as to keep the illustration simple.)
If we add the weight of the mast, boom, sails, and rigging: that will push the hull further down into the water. But remember, we've got some buoyancy from the hull material itself we haven't accounted for yet. (I'd need the thickness and square inches of all the material used in the hull to calculate that, and I'm not going to do it before going to bed tonight!

)
But for the sake of KISS, let's say the weight of the rigging is offset by the buoyancy of the hull material. Again, the boat is floating with the cabin roof at the surface, and the sails up in the air.
Actually, without doing the math, I'd think the displacement buoyancy potential of the hull material could be considerably greater than the weight of the mast, sails, and rigging. So again, with five of those pink foam sheets situated down low in the hull, we've got the boat floating: maybe with as much as the cabin roof, foredeck, and the cockpit gunwales above the surface waterline. (That's just a guesstimation, but I don't think it would be too far off.)
Bottom line: yeah, she'll float. Want additional freeboard when flooded? Toss in a couple extra sheets, but remember: keep it all down below what you expect the flooded waterline will be. Floatation that's stationed above the waterline adds to weight, not buoyancy.
Hope this helps.
VBR,
Pat