I'm not so sure about that.
Displacement of water by a solid object - you must take into consideration not only the weight of the object you place into the tank - but also it's mass, density and the actual volume of space or volume that object takes up.
Example:
I can displace an amount of water in a tank by placing a 10 pound chunk of lead in the tank.
I can also displace an amount of water in the tank by placing a 10 pound chunk of porous live rock in the tank.
The lead is much more dense per cubic inch than the live rock, and will have a greater density. It will displace a smaller amount of water than the rock will, because it's volume is less.
I'm pretty sure you'd need to know the density per cubic inch, the mass ( weight/density ? ) to accurately calculate how much water will be displaced.
You'd need to know this information on the sand as well.
Weight alone will not get you an accuraate answer - but may be good enough for what you're doing.
Not 100% sure