More body fat means a lower specific gravity and hence greater buoyancy (so chubby yet unfit people often seem to swim fast and efficiently). But Michael Phelps is lean and muscular. So what makes HIM such an efficient swimmer - some subtle muscular movements perhaps, unconsciously mastered during years of swimming practice?
If so, a top swimmer could presumably remain afloat even when quite heavily weighted down. How heavy a steel bar could Michael Phelps carry in a backpack, say, without drowning?
Finally, are inefficient swimmers justified in thinking that they at least get a decent workout when they swim, in a way that Michael Phelps doesn't?