Nope. Wrong. With the same air resistance both objects will fall at the same rate, regardless of their mass.
No, that's not the way it works and I'm going to try to explain it differently for you, and confirm it with an experiment of my own.
The Apollo astronauts confirmed it on the moon. One of the astronauts dropped a feather and a hammer at the same time, and they hit the surface at the same time.
Ok, that part is correct and to confirm that we can use Newton's second law like this:
Newton's second law is f = ma
On the moon the only force is gravity and the force due to gravity is given by mg so the equation becomes:
mg = ma
Now you see that the mass cancels out on both sides leaving g = a
which means that the acceleration equals gravity and the mass makes no difference. That is what you are saying, and I agree that on the moon or in a vacuum that is true. However, you then extend that to motion in the atmosphere and you simply can't do that. When you take into account the additional forces, the acceleration then depends on mass as well.
So, if you take wind resistance out of the equation, two objects of differing masses will fall at the same speed.
Yes, that's exactly what happens on the moon, no atmosphere, no resistance, no difference in speed and we just used Newton's second law to confirm that.
So if you have two objects with same air resistance, they will fall at the same speed, even if one is much heavier than the other.
No, you can't extend your argument about what happens on the moon to what happens in atmospheric flight, that's a non sequitur. I will shortly prove that mathematically and confirm it experimentally.
The mass will not affect the dive rate, only the aerodynamic drag will.
Again, this is incorrect, both the drag and the mass affect the acceleration. In order to prove that first we can use Newton's second law to demonstrate the truth of it mathematically and then carry out an experiment to confirm it. The experiment was fun, I took some time between teaching today and a couple of my students volunteered to do the experiment so I could show it to you. It isn't as dramatic as dropping cannon balls from a tower, but the results are just as impressive.
Ok, firstly the math and again we will begin with Newton's second law, f=ma. However now the force is not just the force of gravity, there is also the air resistance which is represented with the letter d, so the force is now the gravity acting downwards and the resistance acting upwards so we have f = mg-d and Newtons law can now be written as:
ma = mg - d
now if we divide both sides by m we get:
a = g - d/m
You can read this as the acceleration equals gravity minus the drag divided by the mass. This makes it clear that the acceleration has an upper limit of g, and how much acceleration depends on the value of three things, g, d and m. You can also see that if you apply this equation to two objects that are identical in every way accept their mass, the heavier one will fall faster because d/m will be smaller, and it will reach a higher terminal velocity.
Now for the experiment.
After I read your message I devised an experiment to confirm the theory that was quick and easy to carry out.
Firstly I took two identical table tennis balls, and used a syringe to fill one with water.

These two balls then had identical drag, the only difference being that one had greater mass.
According to you, they should both accelerate at the same rate and hit the ground together. According to Newton's second law the heavier one should accelerate faster and hit the ground first.
This is what happened when one of my students dropped the two table tennis balls at the same time, the ball filled with air is in his left hand and the one filled with water is in his right hand.
www.leonbadboysmith.com/video/Experiment.MOVIf you use the pause button to watch what happens you will see that the lighter ball in the left hand appears to be released a fraction of a second before the other and when it passes the dropper's chin it is slightly in the lead, but the heavier ball quickly overtakes the lighter ball and hits the ground with a lead of about four ball diameters. This experiment confirms the theory. In an atmosphere, mass does affect how fast things fall.
This is the way the world works.
Fortunately, it actually works in accordance with Newton's laws, if not those Apollo astronauts would never have made it to the moon in the first place.
Hope this helps...
Badboy