found an interesting article about corking bats in baseball. I'm guessing the same laws of physics would apply to a cricket bat.
here's a little extract:
Corking a bat, or illegally doctoring it by drilling a hole in the barrel and filling it with cork or pieces of rubber, is believed to help players hit the ball farther. Baseball lore says that hollowing out the wooden barrel and replacing it with lighter material allows the player to swing it faster and hit the ball harder. This alteration also supposedly makes the bat springier, catapulting the ball off the bat and sending it an extra 10-20 feet. In a game often decided by a fraction of an inch, this could mean the difference between a sacrifice fly and a three-run homer.
it then does some simple f=ma calculations
For example, take a basic scenario in which a batter swings a 35-ounce bat at 90 miles per hour:
Force = Mass x Acceleration
Force = 35 ounces x 90 mph/s
Force = 3150
Now suppose the batter corked the bat, reduced its weight by an ounce, and can now swing it faster…
Force = 34 ounces x 92 mph/s
Force = 3128
So corking can make the bat lighter, but the swing doesn’t gain force in the process. It’s a wash, at best. As Adair says, “A light bat doesn’t hit the ball quite as far for most people.�?
However this calculation is too simple, it doesn't take into account the extra "rebound" that they claim will be given by the cork and rubber combination.
anyway, it's an interesting read.
http://www.wood-tang.com/2003/06/the-physics-of-corking-a-bat/