The Rangers here will write tickets if you are over passenger capacity but they don't really have any way to verify ballast weight. I could imagine that they might call it unsafe and issue a ticket if the nose is submarined. They mainly use it a mechanism to shut down the over-the-top party scene, otherwise they're pretty reasonable as long as you are operating safely.

All current boats are required to be buoyant when fully swamped. This doesn't mean that it won't be nearly underwater and ruined, just that it won't go to the bottom. Water ballast won't sink you to the bottom but lead will.