I'm no fan of balsa for lures at all. If "easy to carve" is a primary, or even secondary concern, may as well just buy fishing lures. Cedar is okay, but generally basswood makes more sense, since if you have access to Cedar, you likely also have access to Basswood. As for how buoyant a wood is, well . . .I've made floating chugger style baits out of everything from Basswood to Gaboon Ebony, and pretty much everything in between. I personally use almost exlusively hardwoods. And I can make a Jitterbug style lure out of Walnut with glass eyes that actually weighs less than a plastic Arbogast Jitterbug. People seem to forget you can hollow out heavier woods selectively, and end up with a lightweight bait that will actually hold a screw securely and be prenty strong enough to withstand repeated strikes from very aggressive and well-toothed fish. Cherry is an underrated lure wood too. Pretty easy to carve, strong, and even if the surface coat is compromised, maintains it's integrity pretty well.