Just as a thought experiment....what if granitic rock was denser than basalt. In that case what would we expect the ocean topography to look like?
The opposite of what it looks like today.
The problem is the early Earth, not today's. The Earth was molten for a while. Then it began to cool. The thing is, liquids cooling and hardening is actually a fairly complex issue. I've helped make a phase-diagram for salt water, and it's remarkably weird, far more complex than simply "It got colder, then froze". In fact, pure (or nearly pure) water-ice formed first, leading to more salt in the rest of the water. Obviously at a certain point it all freezes, but up to that point the freezing process was a type of fractional distillation. This is why the last bites of Popsicles taste horrible, and I've seen it used to enhance alcoholic drinks (put them in the freezer for a while, scoop out the ice; it concentrates the alcohol).
In the early Earth this was happening as well. As the rocks cooled, the heavier material settled to the center--more or less the reason we have an iron core. Lighter materials rose to the top. And by "materials" I mean "minerals"--uranium is very, very heavy, but uraninite is fairly light (for a mineral), so most of the uranium is at the surface of the Earth. Mafic material, being intermediate, bounces around (over hundreds of millions of years) between the plastic (not liquid, oddly enough) mantle and the solid crust. Felsic material, being too light to sink readily into the mantle, tends to stay put a the top.
If we reversed it--if mafic material was lighter than felsic--the felsic material would sink into the mantle and the mafic would float on top. Given the ratios on Earth I'd guess we'd see broad, relatively shallow oceans with little in the way of landmass and very little in the way of tectonic activity (not enough room to move things around).
All of that is irrelevant if we decide to assume that ultramafic material is really light as well. If that happened, the felsic material would sink and we'd have a crust a hundred miles thick or more.
Jeff Corey said:
Newton's laws worked well enough for us to get around parts of our solar system and we really don't understand the mechanism, do we?
Difference is, Newton's laws made predictions, they weren't just a collection of really interesting observations. Without a mechanism, Wagner's idea was more or less untestable. The only way TO test it would be to go back in time.