I've been manufacturing wing wheels for over ten years
(www.mmfabrication.com) and I have to say that I really don't
recommend foam at all. It dries out and crumbles as well as gathers
really abrasive grit. Felt is better but retains moistgure and takes a
long time to dry out. I prefer a good grade of marine carpet with a
rubber backing. For adhesive, I have found that construction adhesive
like Liquid Nails or DAP Beats the Nail in a caulking type tube is
cheap, easy to apply and sticks great.It also has a decent working
time so you aren't "stuck" with any mistakes.

Mark Mocho