Yes you are correct about the snap weights. Dipsy divers come in four sizes:
000 is 3.25 inches and runs about 35 feet
001 is 4.125 inches and runs about 50 feet
003 is 4.875 inches and runs about 100 feet with o-ring
030 is 2.25 inches and runs about 20 feet
Now obviously they will run at different depths based on the line you let out. These figures are right from Luhr Jensen. Those depths are basically their optimum range. Each one comes with a dive curve in the package. I run the 4.125 inchers for trolling walleye. So basically you want to use the dipsy size for the depth your fishing so you don’t have to leave out a ton of line to get to your target depth. With the 4.125 inchers I have run as deep as 62 feet.