I think you have an error in your calculations. Yes, 20 cu/ft of foam will displace about 1200 pounds of water. I don't think the question ends there though.
it seems you need to displace 1200 pounds of water TOTAL. you are forgetting to include the amount of water displaced by the boat, gear, engine, etc. To be real conservative, if we say all that stuff displaces another 5 cubic feet, then you will be displacing a total of 25 cubic feet, or 1560 pounds worth of buoyancy.
Then there is the fact that you really only need to have enough buoyancy to compensate for or overcome the difference in specific gravity, or density. between the boat, motor, the 'stuff',........ and water ................ You said the the boat, motor and the 'stuff' weighs 1200 pounds, and we threw out that it takes up (conservatively) 5 cubic feet. Five cubic feet of water weighs 300 pounds. You need enough foam floatation to overcome the difference, which is 700 pounds.
There are other details involved, like how much of the boat is actually underwater versus above the water when it is swamped, and some other stuff too, but this real rough swag would seem to indicate that you could have as much as 1560 pounds of floatation, and as little as 700 pounds may be needed. If these numbers are anywhere close to correct then you would seem to have a reasonable margin of safety.
Or at least this is how I am seeing it.