Unless you are really running too rich a16 oz. main and 2 oz. sump should be plenty even if you get a penalty. This assumes of course you are not running wide open during the mill.
Most 1/8th scale boats work well with about 1 1/2 lbs of prop weight as a starting point. Block up the back of the sponsons and install a prop and put it on a fairly accurate scale. Install the motor in the mount with the isolators, header, pipe, muffler, coupler w/hose clamps, completed radio box with battery, pushrods, tanks (plumbed with tubing and stoppers) rudder, turnfin bracket, turnfin, cowling and wings, fake engine and any hatches, stuffing box materials, cable with ferrule, strut stub shaft, collar, drive dog and usually at least 10 oz. of lead on the left sponson. You can pile all that inside the boat. Basically everything the completed boat will have. Start moving the motor forward and back until you get to around the 1 & 1/2 lbs. of prop weight. When you lift the boat from under the deck webbing at the back of the sponson transoms the boat should have about 3-5 degree up angle at the bow. You will be really close at that point assuming the boat doesn't have outrageous angle of attack on the running surfaces, a really radically steep break in the bottom or weigh as much as the real boat. Boats that do have high angle of attack running surfaces or steep breaks that cause the boat to trap too much air and you will probably have to shift more weight forward so it doesn't end up being a kite.
You can also block up the prop, one running surface and check the side to side weight.