I have been trying to seal little leaks on my boat as well. This is definitely not a water ballast boat. It is meant to stay dry inside the hull, though in reality I think it may be a vary rare thing to find one that actually stays completely dry. Places I have checked...
1. Centerboard Trunk - Make sure that the pivot bolt (open up the inspection ports in the cockpit floor near the cuddy) rubber seals behind the washers on the bolt are good. If you need a new set, D&R Marine has them for a couple of bucks.
2. Centerboard trunk - check the grommets in the holes that the uphaul and downhaul cables go through. Some say that their boat has an opening/space between the the hole inside the cuddy and the hole on the outside of the boat. If that does not make sense, I think that some report that there were 2 pieces of fiberglass that did not completely join together in the hole where the grommet is. But the grommet is supposed to keep water from getting in between the 2 pieces of glass and allowing water into the hull. On my boat, the uphaul and downhaul holes are glassed through. However, if that is not the case for you, others have reported using a PVC pipe and nipple to minimize the hole and mitigate entry of water in that location. With that being said, I imagine if you centerboard uphaul cable hole is a strong squirter, you don't have a leak there, else it would not be going in the cuddy but into the hull. That water should drain back to the transom and allow you to purge with the bailer once you are going fast enough (pop the plug and the water will get sucked out, the close the plug back).
3. The seal on the hull drain plug - Should have a grommet on it. That is the lowest plug (screws out) on the outside of the transom. There is a plug above that that uses pressure to seal, but that would be leaking water into the sump (not hull) if there were a problem with it, and should have already noticed it by now. If you need a new transom plug with a grommet, again D&R Marne has them for a few dollars.
4. Self Bailer - This is where I found a leak. Since I have fixed it I get a lot less water in the hull after my trips out. Topic is here
http://forum.daysailer.org/forum/viewtopic.php?f=11&t=5195. To make a long story short, the hole through the cockpit floor to the outside of bottom of the hull that the bailer passes through had become less than symmetrical. Thus the O ring on the bottom bailer piece could not make a proper seal. I ended correcting this by caulking the lip of the bailer. I also pulled the one remaining pin from the bailer (the other pin and ball had fallen out) and and sealed those holes as well. And finally, the threads in the hole that passes through the bailer are exposed to the sea. I used teflon plumbers tape to seal the threads when I put the bailer back together. We will see how the teflon tape and caulk hold up in the saltwater marine environment here on the old St. Johns River.
5. Hull deck joint - This is where the top of the boat (deck) and the bottom (hull) are sealed together. Folks have reported cracks or holes there as well that may allow water to enter the hull or cuddy.
6. The towing ring - Not sure if that is the proper name for it, but it is the thing on the front of the boat you hook the trailer winch to. The bolts that hold it on can become loose over time. To correct that you have to add an inspection port to the foredeck to gain access to the area that will let you tighten and seal those bolts.
As for the pool noodles, it is a precaution in case the boat capsizes and gets swamped with water. Or, if you are like the rest of us and have ever forgot to put a plug in before heading out, the boat could fill up with water. I did this once with the bailer, so water came directly into the boat (sump) instead of the hull, so I noticed pretty quick and pulled the boat and drained it. But if you forgot something like the transom plug, you may not notice until you do not have an opportunity to pull the boat immediately and correct anymore. In this situation, I imagine pool noodles would be your best friend, along with a hand operated bilge pump (open inspection ports in cuddy floor and pump away).
Not sure why you are hearing air escape. I have not heard that, or at least if that happens have not noticed it (I usually have music playing). When I first got the boat, I used to hear a slosh during a tack, but that was because too much water was in the boat, and I did not know any better.

If air is escaping I would guess that it was coming from either one of the inspection ports (bad seal) or a crack/hole in the hull deck joint as water sloshes around on the inside?
I have only had my boat for about a year, so these are my limited experiences and what I have read from others in the past trying to find the same info you are looking for. Hopefully it gives you a starting point. I am sure others will chime in
