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I agree with the "complete waste of effort" crowd. This has been a bane on boaters for decades (wet foam) and attempts at drying the foam out have been futile in the short term. It is closed cell foam, and your hydrophilic material wouldn't have access to anything but the superficial moisture.

There was a guy that tried to save a 13 that was used for a mailbox for awhile. It weighed 800 pounds initially, and four years later still was wet even though in a heated garage.