If you are copying a Gibbs, weigh it. The 1.5oz is 6.75" long. I'm not sure what a 7" should weigh, maybe 2 oz. Over the years I have made hundreds of pencils in various weights. Some sank, Most floated with different amounts sticking out of the water. All should float vertically, not at an angle. If they float at an angle, they don't have enough weight. Even Gibbs made some that sank, the Canal Special being an example. It just means you have to retreive faster. In the 6.75" size I like them to stick up 1.5" - 2" out of the water.
In the past I have been through my collection of Gibbs pencils, weighing them and have found that they vary a lot. I have 1/2 a dozen Gibbs "1.5" oz pencils and they weigh between 1.25 - 2 oz, most weighing more than 1.5 oz. They all fish well. Remember, you provide the action. By itself the plug does little, although a slow slide with little action can sometimes be the ticket.
I do check each batch that I turn them, weigh them, and add hooks, gromets, wire etc. to the scale, then try different size weights to get to my target weight. I sometimes have to adjust the legnth of the hole in the arse to get in more weight if the wood is light. I have never been as scientific as to use salt water instead of fresh water (except when I fish them) when I test them for proper flotation.
I think that if you can get the plug weighted so that it floats vertically or sinks slowly, you will have what you need. Rig a couple, take them fishing , and see if they work. I think you will find that the shape is more critical than the weight.
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