If you have rod holders built into the gunnels that's also a main source of water into the hold. By all means get rid of the foam. Every gallon of water removed is 8+ pounds of weight. I've removed most of the foam from my 16.5 Airslot and have already removed close to 400 lbs of dead weight. (I was curious, so I've been weighing each plastic bag as it's gone out to the garbage). Going to use Spareparts suggestion from long ago and use pool noodles to replace the foam in the voids. Cheap replacement, and easily removable should the need ever arise again.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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