My favorites:
1.) Ankle weights are a crutch for people who don't know how to achieve proper trim.
Ankle weights are used for lots of things, some tasks having nothing to do with trim but comfort of lead placement as one example. Also apparently more commonly used in the Northeast than other regions.
2.) You should have just enough lead to sink at the start of your dive by venting all air and exhaling.
You need to be able to sink straight down with your tank at 500 psi or less. If you can just barely sink with a full tank, you are underweighted.
3.) Excess lead or gear results in a measureable increase in air consumption.
Short of some extreme change in weight, there will be no measurable difference in air consumed or effort while diving. No measureable change in air consumption taking a deco bottle, two reels, ankle weights, etc. Adding a few more blasts of air in your wing or BC will make you neutral if you are overweighted. Dive #1 with X lbs and dive #2 with X+10 will not yield measureable results. Other factors affect air consumed much more notably including stress, tasks (hunting vs. cruising), current, etc.
4.) The amount of lead you carry is a measure of skill. "X diver only uses 10lbs of lead - wow he's good!"
You need to know the whole story. A neoprene drysuit diver with thick thermals and an aluminum tank will require more lead than a trilam diver using steel tanks for example.
To be continued...
--Matt