I may be able to help a bit with this discussion.
Until very recently I owned a Jeanneau 28i with a winged keel and this boat was designed by Tony Castro who was also the designer of the Spring 25 mentioned by Ray. In a cruising yacht the main purpose of the winged keel is to obtain a low centre of gravity coupled with shallow draft. Again Ray mentioned this benefit. In terms of ballast, a winged keel can be though of as a highly distorted bulb where the function of the bulb is also to lower the centre of gravity. A winged keel is definitely not a substitute for ballast and if you tried to achieve a righting moment using a wing ie dragging the windward side down it would create so much drag as to be self-defeating.
A shallow draft keel generally has to have a wider chord (ie distance from front to back) in order to maintain the required area making it low aspect ratio. Low aspect keels are less efficient than high aspect keel at the speeds we are talking about and therefore to compensate, a low aspect keel might have larger area than its high aspect sister. Here is where the wing keel does have an advantage and that is, that when the yacht heels, the wing automatically presents a large projected area as the tip of the wing is now below the centerline of the keel. This helps restore some of the efficiency. Try sketching it on a piece of paper.
The full sized 12m Australia had a winged keel which was literally shrouded in secrecy before, during and after the races. Extensive tank testing proved the wings to be effective and particularly at reducing drag from the tip vortex of the relatively low aspect keel which was a function of the rules. A debate still runs today as to how relevant the wings were in achieving victory because in every other respect it was a brilliantly organized campaign. They would probably have won without it anyway with the keels but it was a great psychological coup.
The really fast yachts of today have such skinny keels as to wonder how they stay in place, with a torpedo type bulb for the lowest centre of gravity coupled with resistance (wave form drag) and wetted surface (parasitic drag)
Confusion can arise because keels and rudders are actually foils and are sometimes called by that name. Because a yacht has to perform equally well on both tacks the keel and rudder have to have a symmetrical section. Leeboards are an exception because only one is used at a time.
Foils used in a more horizontal plane create lift that can take the hull clear of the water but to find some examples, motor hydrofoils do not require ballast to counter the effect of wind heel from sails, the Moth type dinghy uses the weight from a very fit helmsman and the large sailing catamarans have widely spaced foils as well as using crew weight.
Going back to Ray's barge I can understand the wing keel working better. It is (with respect) not a high performance sailing yacht. It is unlikely to point very close to the wind and therefore cannot take full advantage of the high aspect deep keel. These high aspect keels have very little lateral resistance when stalled and a boat will move sideways very quickly if stopped. The more "barn door" like shall winged keel is more tolerant in this aspect and I suspect better suited to the barge design.
I am sure I am guilty of some topic drift!
Tim