Lets try this again. Yes and No.
The volume of the plugs, once submerged, will displace the same amount of water. It is the difference between the weight of this displaced water and the weight of the plugs that is the main determinant of how fast they sink. In general if they weigh the same and the distribution of the weight is similar they will sink at the same rate.
There is another factor, however, which is water resistance as they go down. A 3 oz plug with all its weight in the tail will go down tail first with little water resistance, one with its weight split 50/50 will sink level and present a much greater surface area to slow its descent.
Be aware, also, that another major factor with a needle that determines where it swims is its balance point. The more tail weighted the needle the more it will want to plane to the top. Counter-intuitive until you realize the body of the needle acts as a planing surface during the forward retrieve. Level weighted needles can be retrieved more slowly, but once they get down they are hard to get back up.
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