The reason neoprene insulates is because it has small air bubbles embedded in the rubber. The air is what makes the suit bouyant. If you make the rubber non-bouyant you would have to remove the air which would also remove the insulation quality.
As far as the amount of lead you need to carry, it's not just a function of the suit thickness. My son is slightly negatively bouyant with a 7mm suit on and a full tank of air (HP119). He did find out that once the tank started to empty he became positively bouyant. I got a kick out of watching him complete a dive with a big rock in his waist belt because he forgot to allow for the tank getting lighter as it emptied.
As far as the amount of lead you need to carry, it's not just a function of the suit thickness. My son is slightly negatively bouyant with a 7mm suit on and a full tank of air (HP119). He did find out that once the tank started to empty he became positively bouyant. I got a kick out of watching him complete a dive with a big rock in his waist belt because he forgot to allow for the tank getting lighter as it emptied.