First things first--don't ever medicate your tank. Move animals to QT and dose in QT. If you dose in your tank, your rock will absorb that medication and release it back into the tank.
Second, I'm not sure I understand the statement that denser rock displaces less water. Displacement is, first and foremost, a function of the volume of the thing that is immersed in water. Thus, something that sinks will displace more water than something that floats. Every rock we use in our aquariums is going to be heavier than water and is, therefore, going to sink. However, live rock that is porous is going to absorb some of that water rather than displace it, so I think it's fair to say (although I have no scientific proof) that a very porous rock, like Fiji, will probably displace less than a less porous rock, like slab. Maybe the practical effect is the same, however, because maybe at the end of the day you have X gallons of water swishing around the tank regardless of what kind of rock you use.
With all that said, I don't think there is an easy way to accurately guage how much water your rock displaces. You'd have to calculate/figure out the volume of your rocks. You can't do it by weight or density alone. A pool ball that sinks will displace exactly the same volume of water as a piece of iron ore of the same volume.