I have done a few (5?) dives with lead shot packed in plastic food storage vacuum pouches, and after a while air starts to leak into the bags (yes, I double sealed them). Perhaps intended to sit still in a freezer not be loaded/unloaded and otherwise moved around. Still, they don't leak "white stuff" all over, are softer, and any change in buoyancy seems minimal so far. Maybe in another 50 dives they won't be so great but so far, seems ok, just a bit bulkier than hard molded weights. Anyone else with more in-water usage out there?
BTW I think from my reloading days that virtually all lead shot sold for reloading has graphite on it (so it runs through the reloader better, but won't stop oxidation); you can buy nickel or copper plated shot for more money, or also non-lead, non-steel shot (bismuth or tungsten alloy or composites) for way more money.
Just my early experience...
Eric