I wouldnt think yamaha would give you much more flotation then you actually need, and ping pong balls would leave a huge gap for water to fill. As it is stock weight skis are close enough to sunk that I wouldnt want to be the test ski to find out that I need to buy a sidescanning depth finder.
EDIT: I just pulled the number, the packing efficiency is 51% with straight ping-pong balls. So if you consider the fact that you have almost half the guarenteed buoyancy in the back with only ping pong balls, would you consider that safe if your leaking in the back? With drain plugs I guess you'd notice, but the reason ping pong balls were brought up was to reduce weight and still be able to float if you sink with an entry point for water in the back. If the ping pong balls dont give enough buoyancy to begin with, why have anything at all? (enter FL-cracker). The only way around it I can see is if you mixed the balls with foam to take up for the packing inefficiency, or used another material with a good enough packing effieciency so you dont lose too much of your guarenteed buoyancy.
If you are eliminating the structural aspect of the foam in the back, then consider the only reason you are still putting materials back there is just in case for guarenteed buoyancy. If you dont have enough of that, then it would be wiser to elimnate all flotation materials alltogether, and instead install draingplugs and monitor the leaking that may occur, and follow FL-crackers example. If the ping pong balls were sqaure, it would be a different story, but then its necessary to consider how 'packed' they would become after years of rough landings, and how much the volume is then with possibly a number of crushed ping pong balls.
AGAIN, this is all speculation, and only under the fact that the cavity was filled with ONLY ping pong balls. It would be different with a different packing efficiency (foam/ping pong balls, or polysyrene packing foam cut to shape)
This was all discussed last week or whenever that discussion took place...