Joe,
I've been laminating sheets of Wally World 'craft foam' together for years to get popper/hopper/diver bodies.
I also use 'sandal' foam, particularly white for bodies I intend to paint. I have found that using the 'stacked' foam lets me do things with color that you can't with a solid piece. You have to decide if the gluing process is worth the time/trouble.
Once you've glued them up, you can punch out bodies with a punch, as talked about above. Cut them out with a knife/razor blade. Sand them to shape with an emory board and even turn them on a Dremel.
Very durable and high floating stuff. Nice price too.
Good Luck!
Buddy
It Just Doesn't Matter....