I've been testing and finally found a foam that will take the heat and has the buoyancy to float even with a hook in the bait. It is round, a little over a 1/8" diameter, and grey in color. I have tested it in the toad and it works really well. I cut two small pieces about 1.75" in length, poured the belly, laid them in the warm plastic of the belly, closed the mold and injected it. It works really well. I don't think this would be ideal for guys in heavy production, but for those making baits for themselves and their buddies it would be a good alternative.
I have a handful of new molds I need to get up on the site. As soon as I get that done I will make a video of the foam and post it so you can see the process and how it works on the water.
Jason