Never tried pipe insulation, but made "bases" of plywood and put (drilled) holes in the side (at the bottom of the shell) to put screws in to hold the body in place. Put a piece of 2x2 underneith for a keel, and use some of that foam insulation (the stuff you shoot into walls) for extra boyancy. You could probably just glue some styrofoam to the plywood.
When you want to use them as field decoys, just remove the screws and set the bases aside.
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