Hold on Chris, " don't cut the deck hump out of your ace" ... seems to me as a strange expression

Had the same thought about this concept building mixing different type of foams doing this way a composites board.
As bodyboard using stringer as a spring and XPE foam as a shocker you can do the way you said:
"build the main part of the board as a thinnish core of some kind of HD foam (12mm?) With top and bottom skins vac bagged onto it. Add hard rails into this as per what they do on kiteboards. So then I would have a hopefully stiff 7 ft vanguard style outline with no flotation, but also can't suck water into EPs core."
You can find XPE foam in industry provider which been usedin packing tool boxes
www.intercaoutchouc.com/division-transformation/usinage-mousse-sur-mesure.php , kind of cut out foam with water jet to fit and protect tools in boxes. This foam comes out in 200cm by 100cm in different thickness and density.
About "
build the main part of the board as a thinnish core of some kind of HD foam (12mm?) With top and bottom skins vac bagged onto it. Add hard rails into this as per what they do on kiteboards. So then I would have a hopefully stiff 7 ft vanguard style outline with no flotation, but also can't suck water into EPs core. "
12 mm must be ok because the total thickness of HD foam once the XPE stick on the composite vac bag high density foamed sole of 12 mm thick will be around 10cm thick. So it won't snap .
As bodyboard you may adjust flexibility up different thickness and density of the different materials input.

When this sample will be assembled think you can shape tail block and design textured grip in the XPE foam deck. Also shape some channels in the bottom plan shape as you already did on one of your board , you will have the first channeled flexible Vangard board of the world

So go on your project, Chris, this board can be the future shape