When I was at Colorado State University in the ME undergraduate program, we did a solar powered car out of carbon fiber. We used the epoxy/carbon fiber weave cloth and wrapped it around a shaved piece of high density foam as you described. You can make a cutting device out of a heated wire to shave the foam as you like. We'd spread the epoxy on a flat surface since it's pretty thick. Then put the carbon fiber cloth down on top of that and use a drywall spatula or flat piece of plastic to push the cloth down onto the epoxy to completely saturate the cloth. Basically, using the plastic as a squeegie. Then it was applied over top of the foam. For an oven we used the insulating material that has the aluminum foil coating on one side and made a structure that we could put the car frame into. Then we used heat lamps for curing the epoxy. It worked very well and the structure was very strong. I think we used a shopvac and plastic sheeting for a vacuum bag but it was 15 years ago so who knows, I could have killed those brain cells by now. I don't have any pictures because my GF at the time took all my film into a 1 hr photo place and they destroyed my negatives by mistake. I was pissed since this was something I worked on for almost 9 months. We also made suspension pieces for the front end of the car out of 2 flat pieces and 3 blocks. One large block in the middle under the chassis and 1 block on each end with the carbon flat pieces on top and bottom. This put one piece in tension and one piece in compression and also kept the wheels at the same angle as the suspension compressed. I have a carbon skid plate and pipe guard on my 300 and they seem to be fairly damage resistant. The skid plate is probably 5/16-3/8" thick however so I'm not sure if there is really any weight savings here. Post some pics when you are done.