Q-"When you laminate foam to a more dense wood, without hook(s), ballast or lip, the lure outline will float foam side up, OK? Then when you add a hook(s) as shown in your drawing, the lure can be made to balance on its side, OK? Then when you add a modified lip and eye, when pulled the lure will right itself and the more dense wood becomes on top while it's being pulled, Right? Does this description accurately explain what you meant?"
No John - The opposite-- I think the less dense foam (more buoyant ---Top) might overcome the less buoyant hardwood (bottom) which essentially becomes the ballast once the lure rolls and is under water.
The hook might equalise the difference in buoyancy while on the surface (between the two different buoyancies), but once under the water things should reverse somewhat, in that the (Top) foam becomes even more buoyant and counteracts the gravitational pull of the hook (density of the hook is less under water compared to on surface) and hopefully the less buoyant (heavier) bottom might keep it all under control.
Never tried it, but I can 'FEEL' guys working in their sheds eager to test these and VM's ideas-- if it does not work you /we will surely have learned something?? ???
Might have to give it a try myself in a week or so,,,,,,,,,,,,,,,, I am going to Mallacoota (Vic) for a full weeks fishin----------and some nice red wine in two days (on Friday here)!!!!!.
EDIT to this--SSSSOORY -I just realised that you intend putting the hook on the bottom, for some reason I was assuming it would be along the top somewhere, should not matter much and you could have either or both, you just need to attach/size so the lure is made to float on it's side at rest.
Pete