Yep, Craig's scooter is looking like a very good jump in point .Without the big wrinkles from the flat sheets of yellow plastic the drag might be lower too .
A material that seems to offer potential is heat shrink nylon or Hypalon ,the stuff people cover lightweight aircraft with and some people build kayaks from .
Kudzu Craft SOF kayak kits
It's very quick , not too expensive and pretty tough.