Nice work!
I do a lot of CAD/CNC foam modeling/prototyping myself. I cheat though and cut my parts in 3D slices on a ShopBot CNC router, so I don't have to do much roughing and surfacing work (lazy!?).
You have 3 axis control, will your CNC's software allow you to cut 3D? It does take an incredible amount of time though. That motorcycle body in the pic above took eight hours to cut (in 1" thick slices). The front clip on the car was also cut on the ShopBot.
Sorry to hijack - just nice to see someone else carving foam from CAD models!