So I sanded and shaped, and got the final bait down to 87 grams, unpainted. That's with (2) #2 KVD EWG short shank trebles, and the rate of fall something like 3 feet per minute. It's a really slow fall, but I am going to fish it shallow anyway.
I am going to finish it and throw it, since it now weighs less that 3 oz.
Here's a picture, before it is primed, showing the ballast locations: