Scuba once bubbled...
The result is total positive buoyancy of + 20 lbs and total negative buoyancy of - 24 lbs., for a net negative buoyancy of - 4 lbs.
Well, it's a little different than that. We are focusing on the suit and the tank because those are the two things that will have a substantial change in buoyancy throughout a dive. Everything on your person, as well as your person, will have some effect to your buoyancy, both positive and negative... Your body will change buoyancy day to day, and throughout the day.
There really isn't any need to calculate out everything, as that is what you did by experimenting to figure out your proper weighting. Once you have your proper weighting, you have to then start thinking about what will change during a dive...
Leaving out the effects of the warhammer maneuver on your bouyancy

The things that will change are: Your wetsuit buoyancy, based on your depth, and your tank buoyancy; based on your time.
Your tank buoyancy changes 8 lbs, becoming more buoyant as time goes on. Your wetsuit buoyancy [using the numbers in our examples] changes 20 lbs, becoming less buoyant as time goes on.
Your weights [ballast] counteract the bouyancy of your wetsuit at the end of your dive. Your BC counteracts the suit compression at depth, and the added ballast the air in the tank provides. In other words, if you have 8 lbs of air in your tank, you will be 8 lbs overweight at the beginning of your dive.
So if you loose 20 lbs of buoyancy in your exposure suit at depth, then your BC is compensating for that 20 lbs, plus the extra ballast you have to offset the air you will expend. This gives the 28 lbs.
So if you have 16 lbs on a belt, and 8 lbs of air, you have 24 lbs of ballast. If you are neutral with 16 lbs on your belt and no air in your tank, than the bouyancy of everything on your person, minus the air and the wetsuit is 4 lbs negative. Now your tank you know is -4.8 lbs negative. So that puts your net unexplained buoyancy at +.8, calculate your clips, your regs, yada yada yada... you get the point I think.
Assuming the suit is now neutral and I still have an almost full tank I would now have - 8 lbs for tank and - 16 lbs for weights, for a total of - 24 lbs. If I now drop my 16 lbs. of weight I would be - 8 lbs. negative.
The suit has lost 20 lbs of bouyancy... which will come back as you ascend. So it's a net loss from neutral of 20. Your 16 lbs of ballast was to counteract the suit bouyancy, plus everything else. The change in bouyancy was 20 lbs, as the weight doesn't change [until you drop it].
So everything less the weight of your air should be net 0. The air makes the net -8 [which is counteracted by your BC], at depth, your exposure suit is net -20, making your BC have to compensate for a net buoyancy of -28.
[And then we get back to you needing to compensate for the net -28 if your BC fails].
Does that help? Think of it as net changes in your buoyancy throughout the dive...
Is a "jerk to dump" hose the BC inflator/deflator hose which when pulled also dumps air?
Yes.. I believe that's what wreckwriter was referring to.
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Disclaimer for the BS police: Same as before... don't believe me... I don't know what I'm talking about.