Hey Keith - To answer your question about which one will be more bouyant... it'll float, mate.

But there's more to it than just having more of the floaty stuff in the water with 65lb braid as opposed to a 20lb braid.
All modern braid is pretty much the same material - the polyethylene fiber is the same in Dyneema, Spectra etc, and it's all relatively lighter than water (gravity of dyneema = 0.97 Gravity of water = 1). It's the coating and the number of strands that makes the difference I think and the amount of air that is trapped by the line as deteriorates over time and as it hits the water.
With a 20lb braid that has the same number of strands as a 65lb braid (4, 6, 8 or even 16) and the same density of fiber winding (twists per inch) it should make no difference in the relative weight of the line compared to water. (It's like the same argument about what falls faster a steel ball or a tennis ball - after a very short length of time, they both fall at the same rate which is the speed of terminal velocity.)
However, the more strands you use, and the tighter the weave, the less air is let into the line (maybe?) so something like the new Sufix 832 with 8 strands and 32 winds per inch would be denser than PowerPro which is only a 4-strand line. However, in this 8-strand line, one strand is a GORE fiber which is water resistant and also less dense than water, so it will probably float too. It is much more abrasion resistant than Dyneema or Spectra though.
Additionally, lines that use Dyneema tend to be less fuzzy and when the coating wears off the line, will trap less air in the line than a similar diameter line that uses fuzzier Spectra. PowerPro is a 4-strand Spectra braid.
The more strands in a braid, the rounder it's profile is. So even if it doesn't float any more than a16-strand braid, a 4-strand braid will have a flatter, wider profile. This means that there is more surface area for water to influence so you may find that the flatter, 4-strand braid is picked up by water currents more readily than round-profile 16-strand braids.
And one more thing to consider are the strands in the braid coated individually or is the whole woven braid coated instead? Individual coating would suggest more abrasion resistance and less air-trapping fuzziness since there is more coating to be worn off before the fuzz comes along. However, what material is being used for the abrasion-resistant coating? Is it a floating material?
If it is Teflon, as used in SpiderWire, it is even more buoyant than the braid it is coating (gravity of 0.6). A wax coating will also make braid float (gravity of 0.something).
http://www.machinist-materials.com/comparison_table_for_plastics.htmIf it is a silicon coating (gravity of 2 point something), it helps the braid to sink. Most sinking braids usually rely not on heavy coatings, though, but on combining the Spectra or Dyneema thread with other high-tenacity fibers. Past efforts at sinking braids have tended to look more like rope than braid, with a higher than expected diameter.
Kevlar (gravity of 1.6 or so) has being wound into some sinking braids in the past because it is highly abrasion-resistant and also heavier than water. However, there have been problems in the past because Kevlar is abrasive in itself that could cut into rod rings etc if it loses its protective coating. I'm not sure how JRC has gotten around this issue with it's Gold Connection sinking braid, but it has been getting some good reviews for sink rate and diameter.
Nash Bullet Braid has been around a bit longer bit it falls into the rope category (and so may not cast well) and is only just heavier than water so its sink rate is slower than you may want.
Relix also has a Quick Sink braid made from Aramid (Kevlar) fibers. The sinking braid is up to 30% thicker than the regular Relix braid. (
http://www.relixfishing.com/)
Additionally, Kevlar has been shown to degrade in UV far quicker than even monofilament, and can reduce to as low as 40% of stated strength very quickly (within 12 months). Again, I'm not sure how, or even if, this problem has been conquered recently.