in almost every case, it isnt the rudder that is going to be grounding, its the keel... it hangs a lot lower and will stop the boat before the rudder knows there is a problem.
the rudder needs to kick up so when you want to beach the boat you can crank up the keel and swing up the rudder and get in to a shallow shore, or when anchored and swinging in shallow water.
I have always used a 1/4 inch holding line on my 21 (5/16 on my 25), a cheap soft braid polyester... it will last forever, but will stretch enough when needed to allow the rudder to cam itself over and pop up... the line wont break and doesnt need to... all the rudder needs to do is swing back far enough to carry the bight of the holding line aft of the pivot bolt, and its free. it takes very little stretch to do this, but more than sta-set has..
using lead in the bottom of the rudder is done ONLY to make it neutrally buoyant, NOT to hold it down (it would take an unreasonable amount of weight to do this, and the rudder would be hard to manhandle when rigging a trailer sailer).
even though it is not at all necessary, it may be nice to have a weighted board in cold winter water so you dont have to get wet to push the board down.
the unweighted rudder will float up on its pivot, so it doesnt need to have a holding line upwards, EXCEPT for when you pull the boat out of the water on a trailer....
but the unweighted rudder will need to pushed downward until it gets into position, and then snub it with the line (there is a rudder push-pull stick mod that you can do, but you need to get the basics done first)
having a bit of weight at the bottom would help with the buoyancy, but the weight needs to be near the aft edge, not the leading edge... i did not have or want weight on mine, and would never recommend it, as when the rudder gets in a spot where it needs relief, I want it all the way up as quickly as it can be up, and as it is buoyant, it floats to the surface and stays there without help from me.... until I can figure out what the problem is.
(because whenever I have gone aground, I was way too busy dropping sails, removing the keel lock pin, cranking up the keel, and the motor so I could get back to deeper water, to be fiddling with a rudder that was set up so that it would tend to itself)
any weight that you think is a good idea can always be added later after you get the basic folding rudder built, and then use it a couple of times to see how far you want to take it beyond the simple device that it is... and that it should be.