ClevelandDiver:Enough math and theory, how about some actual testing.....
Fill a drysuit with water equal to 150lbs on land (water weight is obviously neutral in water). Exhaust valves should be in the fully closed position. Use dry gloves to seal the wrist and duct tape a water filled 2 liter bottle into the latex neck seal. Attach tank with back plate and harness, don't forget the crotch strap. Rig inflator to stick open once inflation begins. Bring the entire mess underwater and try your best to get lift off. If the inflator rigging is to big a bother, use a lift bag. Make sure to have a witness with a video recorder on the surface. Someone really needs to try this, it could be as big as the exploding tank thread!
Sounds like a good episode for the cable TV show "Myth Busters"