I'd think about using foam insulation panels. They come in 4'x8' sheets and are very light weight and easy to shape. You could even use them to shape parts and then make a mold for fiberglass or carbon fiber later.
I saw the episode and I was also intrigued. When I bought my VW Golf and looked under it, I was even more intrigued since my stock belly pans are all dimples (big golf ball sized ones like what the Mythbusters did). Honestly, I wonder if Mythbusters got the idea from what the auto industry was already doing (and had proven), making their mythbusting easy.
Keep this thread going if you ever start the project.
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