That foam under the gunwales is to keep the boat level if swamped to ease bailing and recovery from a capsize. On my old 1969 Model is was luckily, still intact and in place, just tended to shed dried up mud after she partly swamped during Hurricane Bob in 1991, unstepped mast and put extra line on mooring, she rode it out fine in our semi-sheltered cove. Anyway, you could shove some styrofoam blocks up in there, but It will be messy and slow work. Not cheap, but pour-in place flotation foam might be best fix, still messy and you will need to turn boat upside down for best results. Maybe better to use the pool noodles and glue it in with the canned expanding foam. Be sure to leave space for access to deck fittings so you will not need to dig out foam if you ever need to change a cleat or fairlead later.