I won't totally discount what insta-gator is saying, but it needs some significant amendment.
Way back in the day, we established neutral buoyancy in a similar manner when using a 7mm wet suit. We'd weight ourselves so that with all the air dumped from the BC or wing, and with only 500 psi in the tank (a normal end of a recreational no decompression dive pressure) we would just barely float at eye level with full lungs and then sink as soon as we exhaled.
Combined with the compression of the wet suit, that left us neutral in the same condition but with normal lung volume at 10-15 ft, so the diver could easily hold a safety stop.
The critical difference here is floating at eye level with full lung volume, then sinking when you exhale.
If you instead weight yourself so you can descend from the surface with full lungs, you are now over weighting yourself by about 10-11 pounds, reflecting the buoyancy the average adult gets with a 5 liter lung volume.
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Another factor that screws up this approach is nervous divers who unconsciously fin or fan their hands when vertical at the surface. Lazy instructors, rather than addressing this underlying problem, will over weight the diver. This actually aggravates the "nervous fins" issue, as the nervous diver is still unconsciously trying to get his or her head the same distance above water, and now has to fin harder to do it. More weight is applied, more finning occurs, and the cycle continues until in the extreme you have a diver in a 3mm or 5mm wet suit with 40 pounds of lead on a weight belt.
Once the diver is comfortable in the water, the diver discovers he or she is massively over weighted, and once that excess weight is removed, maintaining neutral buoyancy in the water is suddenly much easier as a much smaller volume of air is managed, requiring far smaller changes.
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If the diver started with a new wet suit, that wet suit will lose buoyancy over the course of the first dozen or so dives due to some permanent collapsing of the neoprene that occurs. The degree to which this occurs depends on the thickness and the quality of the neoprene used, but it happens to some degree with all wet suits. The end result is that the diver will probably need to reduce weight once the suit has some dives on it.
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I've never put any stock in fixed formulas for how much weight you need based on body weight as body types vary far too much in terms of buoyancy.
For example last week two of us were in the water with similar body weight, the same suits, same 22 lb wings, can lights and side mounted LP 85 tanks and no lead weight. The other diver could easily maintain neutral buoyancy with some wing volume to spare and I was at least 10 pounds too heavy, and was still 2-3 pounds short of neutral buoyancy at full lung volume. At the end of the dive with 1200 psi in the tanks (1/3 capacity), I could finally manage neutral buoyancy with minimal lung volume and a fully inflated wing.
Body mass and density vary, making any fixed formula a waste of time.
I hadn't seen this post before my latest one. This answered some of my leftover questions, thank you. I like that you're a KISS philosophy kind of guy/gal. The formulas I never give much weight to also unless I fully understand them. People try to use "constants" when they aren't really constant, and because they don't understand the details they end up getting very off answers on those rare occassions that they don't apply (like my bodyfat). For example, the 2.5% difference between salt water and freshwater is pretty much accepted, but it would never apply in the Dead Sea because there is significantly more dissolved minerals/salt and is actually heavier (denser). Also, the convection effect, temperature, currents, air exchange, depth (at a mile, water compresses almost 1%, which is tiny), and evaporation even changes the density differences in the same body of water at various depths. It's so small and actually constant for everyone that 2.5% applies pretty regularly. Now, 6-7 pound suggestions are based on average factors which excludes the people that sink like a rock, and those that can perform a high jump if they drop weight at a safety stop.
Thanks again to everyone. I'm learning a ton from you all.