The lowest volume I tried in waves was a 100 liters board for my 100kg ( -10 liters floatation), I traded boards with the guy with the wood/red board (7'6" Gong Dark) in the video
and it was hell. I was able to stay up and paddle around and take waves, but it required all my concentration. I would fall after 30s due to loss of focus. So I ended up waiting laying down and getting up 10s before the sets. But once on the wave I was so mentally exhausted that I wasn't exploiting the wave better than a bigger volume board anyways.
Well, I guess it all comes down to training... perhaps in 5 years time we will just laugh at these posts in the same way as we look now at posts saying that boards will never be shorter than 9', that they turn flat, have no glide, why not just use a shortboard instead...
(Well It dont actually think so, in Windsurfing after some time on hyper sinking boards, I went back to having some positive flotation)