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pretty sure you get flotation not due to weight but space within and displacement (but others know).
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You are correct, but when running, which is when weight REALLY comes into play, the floatation chamber does nothing.
To the OP regarding set-back, I'd go as short as is necessary to fully tilt your engine up. Since you're building your own, you have this option. Yes, 30" is standard but I bet you can get away with a 25-26" setback, maybe shorter. Not too big of a deal but every little bit helps.
I also think it looks more proportional with a shorter set-back.