This may sound crazy, and I wish I still had my research to back this up, but I have had really good results at using actual epoxy as a sculpting compound. I've found Devcon sticks to just about everything, and once fully cured you can Dremel, sand, hobby knife carve, dental pick carve you name it, once the outer surface looses it's adhesive property. And, while I haven't tried using it on foam, it is fairly flexible when cured just from my tests pulling it off my mixing card to play with.