I've seen a lot of people use maple or poplar for swimbaits. Something very buoyant like cedar, redwood, or basswood will take a ton of lead, whereas something more dense won't need nearly as much. A tradeoff is the maple is much harder to carve than basswood.
A lot of people will use different types of wood for different types of baits, and wood density can have a significant impact on lure function. The buoyancy of the wood works with the drag of the lip on crankbaits to impart action, gliders use the mass of the bait and the hydrodynamics of the profile to create a good glide, and so it goes.