Manny over at Mandala put up a review of his experience shaping a Biofoam blank (www.homeblownus.com) on his blog.
Some interesting comments from Ned over at Homeblown regarding shaping it and some new friendlier materials they are working on/with.
I figured if anyone would be interested in this it would be Swaylockers (and swaylurkers, like myself :D). Take a look, pictures of the shaped blank are in the post:
http://theswallowtailsociety.blogspot.com/2007/03/biofoam-bat-tails.html