Yes, it should also compensate for suit buoyancy lost from about 15 ft to the bottom. Even at 130 ft, that will be less than half the surface buoyancy (because that value neglects the solid parts of neoprene).
Figure 9 lbs for compression loss and 5-7 lbs of non-reserve gas, and you are at less than 15 lbs negative while diving if properly weighted.
It is true the rig has to be able to float itself (without the help of you & the wetsuit) should you take it off to, say, get into a small boat. If you use only integrated weight, that could be up to the surface buoyancy of you+suit. That'd be about 21 lbs for me in an XXL 7mm suit (6'2", 220 lb) in salt water, so a fair bit of room to 30 lb.