I just looked at them… while they (hot wire tools) look useful for cutting… can’t see how they could be used to ‘scoop out’ a layer of foam to make a pond/lake
One of my scenery mentors said he uses an oscillating saw to carve out smaller depressions in foam board. I haven’t tried it for that yet, but it does a pretty good job of cutting down high spots without making TOO much of a mess!
From what i have seen of them on you tube the hot wire tool would be the quickest. You can form a loop and scoop out stuff like an ice cream scoop. But the fumes are toxic many people who have used them say there nasty to work around.
An oscillating tool would work too.
You can get a bit for a cordless drill that has teeth like a coarse rasp they would be fairly inexpensive.
There is a tool that is made out of the same kind of blade that a drywall rasp is made of though smaller and curved in shape it kind of has a handle like a paint brush. If i could find mine i would post a picture
What I do is take an Xacto knife and a straight edge and cut into the foam making little 1/4" squares. It is fast and easy to do. I mark the depth on the blade with a marker so I roughly know how deep I am cutting and you can adjust the depth towards the shallower parts just by eyeballing with the line. Once all the little squares are scribed in the little squares just break right out. I found the bottom is more than smooth enough, however, if you get an arrant gouge you can smooth things out with Dap or if you really want things level on the bottom I use caulk as a leveller as it self levels.
I have also taken the blade out of a large hack saw and while bending it cut the depression out. The little squares worked way better.
This type of hot wire cutter has different shapes for different applications. You could use the large roundish one to create your lake, The smaller round one can be used to create ditches. And if it is like the kit I got (many years ago), they include a few extra which you can bend to your own shape. I use foam board base for my scenery and have used it many, many times over the years.