I agree with your thoughts - always thought that a lighter charcoal should make for less weight in finished powder
never been much interested in the puck density idea - the way I do things the margin for error there would render any number I took invalid
I make comparison to a sample of commercial powder just to see how I compare BUT 1) different charcoal 2) I dont polish my powder - so more irregular grain formation 3) I dont use graphite -------all of which I figure are gonna make for less density in my finished stuff
I do have a chronograph that I use to check on performance of cartridge loads - this tells me my 92% - 94% density powder is giving almost identical velocity to the 100% load of commercial (which is 1994 vintage goex from the Moosic Pa plant) ---Wano does not come close in my testing - Swiss I have no clue (never shot it)
As an aside Gold is substantially heavier (density) than lead (Au = 19.32 G/cc , Pb = 11.34 G/cc) Mercury Hg = 13.6 G/cc so it will float lead and most other things but sinks gold which is why Hg used in recovery of gold