Just came across this forum on foamies, I have been building foamies for years now but they fly! The RC plane guys have been working with foam as core material for wings for 30 years now and recently the use of foam for entire planes has exploded as well as the covering and painting of it.
We are a cheap bunch so have developed some ideas for covering and adding strength to the foam. Maybe some of our ideas may transfer over to building these foamies and some of your ideas may work on ours.
Some of the stuff we use is the same , TBII , lightweight spackle , epoxy glues and resins. We also face the same problems of stuff eating our foam!
One of the things we use that I didn't see here was Water Based polyurathane(stuff for doing hardwood floors) . We have been using it like fiberglass resin and have had great results. It dries very hard and goes on very smooth . It has been used with various coverings ranging from very light fiberglass(1/2-2 oz fg cloth) , unused newsprint , craft paper, silkspan tissue. I know that you guys are probably laughing now about using stuff like paper and tissue on your creations but its amazing how much its adds to the foam. 2 layers of craft paper will make the stuff damn near bullet proof. It can then be painted with latex or other paints.
http://www.rcgroups.com/forums/showthread.php?t=1552848