I also prefer foam over cork or balsa. I use bullet casings to punch out the poppers. You simply drill out the primer, slip in a 3/32 inch bolt and tighten the nut down on the back of the shell casing. You now have a punch that fits into any drill or drill press. To shape the poppers, I use the Dremel method that you can find here in the article written by Jim hatch. It is called Dremel bugs. You will soon be knocking out very nice popper bodies in under two minutes. I hope this helps.
I added a few photos, just to show what you can do with the Dremel bugs. Sorry about the poor photography, I'm not very good at it.
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Jim Smith