A.G. Crockett,
Whether you'd be affected by a new ball standard or not would depend on how it was defined. If it simply cut 10% off the numbers used to do the measurements, you'd lose 10%, as would the steroid popping long drive guys who hit it 400 yards and the little old lady down the street. If they can work something out to make the distance loss non linear, you might be hurt less (percentage wise) than those of us who have been benefitting from the newer stuff.
TEPaul,
I personally don't believe the balata balls were below the ODS standard by even one yard. Why in the heck would they be? They knew how to make illegal balls that were (as far as I could tell for the few times I hit one a long time ago) conforming as far as size, weight, etc. They just had a super-ball center or something.
So if there was something about a balata cover that made a ball go shorter, they could make up for it with a livelier center. I can bear this out in my experience too, as I played the Tour Balata for years, but also played various random surlyn covered wound and two piece rocks during that time. I'd play those on hazard laden holes or when I wasn't playing well -- when you are in college or still paying off those college loans, you worry more about the $3 ball than the penalty strokes
Anyway, as far as I could tell, there wasn't really any difference between a Tour Balata and a Top Flight, as far as carry distance off the driver in still conditions. The difference was that the Tour Balatas had a different trajectory, and didn't roll much at all. That's why so many of us switched to 6 or 7 degree drivers, trying to get that damn spinny thing to roll more than five yards. With short irons I could hit the rocks a little further in the air thanks to the flatter trajectory. There may have been a few yards difference off the tee and in the other irons, I'm not consistent enough to measure that exactly. But it certainly wasn't anything even remotely close to the difference I could see say between the Professional and the Pro V1x off the tee.
When I switched from the Tour Balata to the Professional it wasn't because I was gaining any distance (other than a bit of roll) it was because it wouldn't be useless after one thin shot or tree/cart path impact, but still was acceptable to me around the greens (though nothing quite duplicates the feel and control of those Tour Balatas around the greens, I miss that!) Some pros even switched to it because they wanted less backspin. The Pro V1 was another step in durability, up to the "you can play it forever, until you lose it" category, so even if it didn't offer the other advantages it did, I would have switched.
As far as the "floating ball". A much lighter ball is something I'd be all in favor of, bring the wind more back into the game, if it fixes the non linear distance increases, all the better. But you don't need to make it float in plain water, it could be a particular salt water solution. Still almost as easy to test, if they don't want to go all the way to making it float in fresh water. My quick mental calculation indications they'd need to make it weigh about 1/3 less to make it float on plain water.