Re: flotation ..... $$$
go with extruded board for under the floor. noodles can eventually absorb water, plus all the other reasons listed. and i think it's cheaper per lb of flotation. you can cut the 2" foam with a disposable old butcher knife and a piush-button start torch....no mess. cut halfway through and then snap it.
interestingly, neither lowe's nor home despot in town seems to be carrying the extruded foam any more.
Heretical bottom feeder cheap-out suggestion: remember that all the parade of horribles that are predicted with open cell foam under the floor apply to exactly that, under the floor where it will likely be exposed to constant water. if any of your old foam is reusable or you can get open cell cheaper, it will work fine for up under your bow and gunwales where it will only get occasional splash....if that area is filled with water, you're sinking and have far worse problems to worry about than your foam absorbing water over time....also, i suspect open cell floats more weight per cubic foot as it certainly seems less dense than the extruded.