My wood wouldn't sink and I actually drilled holes into it and tied it off to my underground filter base. I has been secured now for 3 months or so I can't imagine it wouldn't sink on its own now.
As for the yellow water, not sure if that will ever go away. (2) times a week I'm changing out about 30% and I believe I see a bit of a difference but my wife tells me it is still as yellow as it ever was. Not too sure about how long that will take to become completely clear.
Thanks,