Yup It works well for lost foam casting. I believe the acetone is safe to use on fiberglass, so you can make a foam blank of a part (air scoop, etc), glass over it, then use acetone to eat out the blank.
HAZARDOUS COMBUSTION PRODUCTS: Under fire conditions polymers decompose. The smoke may contain polymer fragments of varying compositions in addition to unidentified toxic and/or irritating compounds. In smoldering or flaming conditions, carbon monoxide, carbon dioxide and carbon are generated. Hazardous combustion products may include, and are not I limited to, hydrogen fluoride, hydrogen chloride and hydrogen bromide. Studies have shown that the products of combustion of this foam are not more acutely toxic than the products of combustion of common building materials such as wood.