I think you need to back up and re-examine your assumptions. When you say, "Air rises in water at about one foot per second of time," that may be a convenient rule of thumb for certain circumstances, but the real picture is much more complicated. If we are talking about bubbles of air in water, then the speed depends strongly on the size of the bubble, as well as many other factors. (And bear in mind that if we're talking about a significant depth of water, the size of the bubble will vary inversely with the depth.)
Basically, the speed at which a bubble, or any buoyant object, rises depends on the relationship between the buoyant forces and the drag forces.
It's simpler to first think about a fixed volume. Let's say you have a certain volume of air at a pressure of one atmosphere. If you enclose that in a rigid, closed container, say a metal cylinder, then its buoyancy will be relatively constant with depth. Its rate of rise will then be a function of its volume and shape (i.e., its buoyancy and how streamlined it is). Adding more non-buoyant weight to the cylinder without changing its outer dimensions will simply subtract from the buoyant force without changing the streamline characteristics, and will thus slow its rise. Also remember that drag increases with velocity, which is why a rising buoyant object will have a definite terminal velocity, just like an object falling through the atmosphere does. As the velocity increases the drag increases but the buoyancy remains constant, so at some velocity they are equal and the velocity will not increase further.
Unconstrained bubbles are much more complicated. First off, as I mentioned above, with unconstrained bubbles the size increases as the depth decreases, and hence the buoyancy also increases. Also, very small bubbles tend to be spherical, but as they get larger their shape changes, which alters their drag characteristics. To make it even more complicated, you can think of a bubble not as a "thing" at all, but a pattern of liquid circulating around a (nearly) void space, and the flow patterns of the liquid at that interface surface can be very complicated, and this affects the rate of propagation of the void.
So, there isn't some magic impetus that causes air to rise in water at about one foot per second. Their are buoyant forces and viscous drag forces and lots of complicated fluid dynamics. But in a very simple model, adding more weight simply subtracts from the buoyant force and slows the rise correspondingly. If the weight equals the buoyant force, this condition is called "neutral buoyancy", and the object will neither rise nor sink.
One place to look for more detailed information (and a totally cool domain name) is http://www.bubbleology.com/Hydrodynamics.html