Ballast comparison
Might as well give this a shot. Consider 2 identical hulls- same size, shape, weight, draft, displacement (see sketch). So that they are equal, both have a tank in the bottom, as a water ballast boat. The tank will hold 1000 lbs of water, and have a uniform cross-section. Put water in one hull's tank and close it. In the second hull, insert a lead rod in the tank, such that the lead rod is the same length as the tank, and of sufficient diameter for the lead rod to weigh 1000 lbs. Support the rod so that its center of gravity is in the same position relative to the tank that the center of gravity of the water is in the first tank. We now have the two identical hulls, both still weighing the same (both just a 1000 lbs more than when empty); both with everything else remaining the same. Put both hulls in the water. They will behave identically- same draft, displacement, righting moment.
The only way for the lead to make a difference is to mount it on the bottom of the tank (or below) so that its center of gravity is lower than the c.g. of the water ballast. In that case the lead will produce a larger righting moment, not because it is lead, but because of its location.
In order for water ballast to not work, we would have to believe that 1. MacGregor, Hunter, and Catalina water ballast boats won't work; 2. cargo ships and tankers can't use water ballast to stabilize them when empty; and 3. submarines can't submerge by filling their ballast tanks, and surface by emptying them.
Hope this helps. -Paul