I've never understood folk's fascination with pool noodles, beach balls, etc. I get this from the kayaking world of skin on frame kayaks, where there is no inherent buoyancy created by storage compartments as in a fiberglass sea kayak - the SOF boat is open throughout the length. Rather than making (or buying) floatation bags for an SOF, folks talk about stuffing pool noodles inside, etc. For my mind, a pool noodle or small balls, or partially inflated beach balls wouldn't be as good as a floatation bag. In between all the buoyancy of a pool noodle, there are voids which will fill with water. But with a proper floatation bag, all the interior volume is filled by the inflated bag, with a significantly greater volume of air, displacing all the water. So I think float bags are much more effective (especially with kayaks.)
As for boats, my wood GP14 came with 5 floatation bags fitted: a huge one in the bow under the foredeck, 2 long skinny ones under the side seats, and two bigger ones fitted aft of the seats going under the after deck. That's a lot of buoyancy.
If one has soggy foam in a boat, I would remove as much as possible, to get rid of the mildew breeding grounds. Then I would make a reasonable assessment of future water ingress potential - in a compartment that is likely to fill with water, I might cut new chunks of polystyrene closed cell foam to fill in as tightly as possible. But if there isn't much chance of having a lot of water in the area repeatedly, e.g. in an enclosed compartment, I think I'd just buy some 2 part polyurethane expanding foam, and pour that in there and allow it to foam up, sealing the space fully. It would prevent volumes of water pooling inside, and would provide the maximum amount of buoyant volume.
On an interesting note, the house next door to mine has lots of crumbling pointing in between the bricks. The yahoo fixing the house up has seen fit to squirt expanding foam (weatherstripping foam) into the pointing. A) that's not structural, and B) it now looks like bubbled-out-amber-foam a$$... That pointing needs to be ground out and have new mortar trowled in.
Brian