Re: wet flotation foam
I you go with sheet foam use the extruded rigid polystyrene sheet foam insulation sold at Home Depot or Lowes (and other places), the pink Owens Corning "Foamular" or the blue Dow sheets.
As JBC said the beaded white sheet foam isn't suitable because it will start to absorb eventually. Any of the foil faced sheet foam is less than desirable also.
If you think you have the ability to tackle it and don't mind spending a little more money your best foam build will be with 4 lb. density 2 part pourable expanding urethane foam. The 4 lb. density is much more water resistant than the 2 lb. that is standard for the marine industry. Using the pourable foam will take some planning and extra work, but will be worth it in the long run.