Its a very popular foam in the foamie rc plane community. Folks use various foams for scratch building RC planes. Get a cheap 4 channel transmitter, $30.00 in cheap electronics and foam and with the right knowledge you can build and fly almost anything in your front yard or nearby field. I used to fly indoors. Every bit as addictive as building and tuning pinewood derby cars. Picture the foam board you see at the dollar store. And folks use that too after peeling the paper or leavingit on for strength depending on the application. I always used FFF (Fan Fold Foam) which is Blue Core wall foam that used to be at hardware stores. Back in the day $20.00 bundle and you could build 70-100 planes depending on the size.
Depron is a bit more brittle and only comes in 6mm or smaller thickness so you might have to laminate a couple sheets together for thickness. The blue stuff also comes in 1" and 2" thickness still at Home Depot and Lowes. Also there is foam at craft stores. Michaels has white sheet foam in various thicknesses.
If you heat the foam carefully with a heat gun it crystallizes the outer surface and that might just make it hard enough to hold up for this application. If you drop it or dent it, yank it off and make another. You could literally shape the fenders in seconds it shapes so nicely. I'm going to give it a try. And what ever glue you use, the glue alone will be heavier than the foam will weigh. It is much lighter than balsa which is almost weightless in its own right in comparison to pine. Yeah I was seriously addicted to foam before I had to grow up and raise kids.

Of course I have also made lots of great chuck gliders and other toys for the kids out of foam too.
If you want to research it go to rcgroups.com then hit the foamy scratch build forum. You will NEVER be the same.