To me closed cell foam is Styrofoam, the white stuff coffee cups are made of. Other than feathers probably the lightest stuff you can buy. I had it in sheets in the bottom of a '65 Starcraft 18' Holiday I/O. On other types of foam, like 2 part sprayed in which to me is not closed cell, the majority of it is air so there isn't much dead weight there either. You could probably take a couple of gallons of it weighing maybe 10# per gallon, and when properly installed float your whole boat.
The problem is that you are talking about water displacement. Buoyancy of a floating object is nothing more than displacing an amount of water equal to the weight of the object.
Take a container and fill it completely full of water. Place the item of unknown weight into the water. Measure the weight of the water that overflowed the container. That is the weight of the object.
If the weight of the object and it's buoyancy are equal it will fully submerge but not sink. If heavier it will, and if lighter it will have areas above the water line, like boats have. Putting foam inside your boat where it is not in contact with the water will just add dead weight to the boat and make it sink farther in the water.....but not much for that, if measurable. To be doing you any good it has to be physically displacing water....like if your boat is submerged and the interior is full of water, if you have enough foam to displace water that is equal to the weight of the boat it won't sink, but will be fully submerged. As said, if an insufficient amount it will and if more than necessary part of the boat will be out of the water.
Is there any water in the stern of the boat, in the bilge? 18" is a lot of unbalance. Seems like you are talking about several hundred pounds came from nowhere. You said you changed nothing but removed some foam. Doesn't make sense man. What was the attitude of the boat before the restoration? Did it sit low in the water then? If so, then you may have some other parts water logged.
Water weighs 7-8# per gallon, forget exactly. Your 150 engine weighs like 400# and it doesn't make your boat squat right. Additionally it is at the very stern of the boat which would make more imbalance than you would have if it were mounted mid ship.
So, even if you had the weight of the OB, 400# of water inside your boat, you are talking about a 55 gallon can (drum equivilent) of water somewhere at the stern of your boat. That ought to be obvious.
Does the boat have a double hull? Years ago, boat builders would put in the floor (deck) and then seal it as an air chamber. They didn't use foam. This trapped air was your flotation. As boats aged, the glass seals, like from the deck to the sides (sides flexed and broke the seals) would crack and allow water to enter this air compartment. I had one and every two or three outings I would have to drain the water out of this "air" tank, a lot of water.
What model do you have and is it anything like currently advertised models on their www? Is it an all FG hull conventional deck boat, or a toon? What did you change when you restored it other than removing the foam?
Just brainstorming here to help you. Not there so I can't do more than this.
Mark