Being a tinkerer, I've played around with the exact same stuff you guys are discussing. I was trying to create the heaviest buffer I could using a standard buffer tube. I removed the 3 steel inserts and replaced them with tightly rolled lead sheeting. This added a few about 1 oz to the weight.
I also tried lead shot (7 1/2 Bird Shot) and it only added about 1/2 oz. The air space between the shot wastes a lot of space so it cuts down on the weight. I even looked at the tungsten fishing weights, but most are that I looked at are tungsten alloys and not 100% tungsten. They seem to range from 20-90% tungsten, the higher the price, the higher the tunsten content. I even looked into tungsten powder, but the same issue with the lead shot occurs, the airspace between the powder granules doesn't allow you to make use of the full potential of the volume of the buffer shell.
Finally, I found someone who sold me used, arc light electrodes. These are made from 100% sintered tungsten and are about .60 - .75 inches in diameter. Tungsten isn't easy to cut, but using a dremel with a reinforced cutoff bit I was able to cut them into lengths about the same size as the steel inserts that I removed. Then I used a bench grinder to reduce the diameter to about .47" (since the inside of the buffer housing was .50"). This allowed the slugs to move freely. Replacing the steel slugs with the tungsten, and installing the original discs between the slugs, I was able to get a total weight of 6.2oz in a carbine sized buffer housing and it works great in my M4gery.
A couple of notes. Cutting tungsten with a dremel takes a lot of time. Due to the density of the metal, you can only cut for a few seconds before you have to let the cutter cool down. This is also true when using a grinder on it. You can only grind it for a few seconds before it gets too hot to handle. Even with pliers, the transfer of heat makes the pliers too hot to handle after a very short time. I had to dunk the tungsten slug and pliers in water after about 30 seconds of grinding to let it cool down enough to continue grinding.
It was an interesting diversion, but not very cost effective.