I actually use scraps of the blue foam to hold my models while painting with solvent based rattle can paints.
To my surprise the paints don’t “eat” the foam. I’ve used several different brands of paint and the foam stands up very well, to my disbelief!
I wouldn’t use solvent based paints on my pike; because of ventilation issues, but the blue foam holds up better than the white stuff I mentioned earlier.
I guess it depends on just what solvents - I’ve sprayed on foam scraps too and it didn’t do any visible damage, but that’s a spray can and the target wasn’t the foam surface. Sort of like using Floquil on plastic - if you use light coats you can get away with it. You do have to watch with adhesives - that’s why there is a special Liquid Nails for Foamboard. I haven’t spilled any lacquer thinner or MEK (or similar - like Tenax) on any pink foam to see what happens.
I rattle can foam without any real issues by priming it first with Zinser 123 in the spray can. After that dries, paint it with just about anything and it’s fine. Sculptamold in a thin layer will also work and sometimes you want it down for other reasons, so can serve two purposes.
Check out the manufacturers website for the closest distribution center. If I wanted to drive to downtown Houston I could get 2" foam directly from the distributor even though only 3/4" in available at HD and Lowes where I live.