You can fiberglass styrofoam but you have to use the correct resin. Styrofoam a.k.a. polystyrene will melt from the styrene monomer in poly/vinyl ester resin. I believe bondo has styrene in it too. If so, then that will not work. If you want to use the standard insulation foam panels from the hardware store you will have to 'glass it with epoxy. Epoxy resin can be used on styrofoam without worry. For the small bit it sounds like you want to do the cost difference should not be much. If you are set on vinyl/poly resin then you will have to get some polyurethane foam (the stuff most surfboards use as a core) I have no idea where to get it in blocks or how good it's insulation properties are.
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