I'm not entirely sure about Studio's process but I have been playing with smaller bits of "glass". I'm using Skloft and, despite it being a lot thinner than cotton fabric, getting smooth results. I'm also using HobbyKing CA which is a fraction of the cost, even including shipping, of any name brand CA. Of course, one must always test the glue on a particular airframe because there seem to be as many different foams as there are manufacturers.
I also did a small test area on foam that the HK CA will dissolve. I just coated the surface with epoxy thinned with rubbing alcohol. It would probably get too heavy for an entire airframe but would work well for reinforcing a smaller area. On the other hand; it only takes the barest coating of epoxy and one scrapes off almost all of it. Patience and a steady hand could get very good results.
This is the stuff I'm using. $5.28, including shipping, for 1.7oz. It does not melt the foam on my ST ASW 28 but can't tell you if it's safe for the FMS foam.
I have also used this foam safe thin CA with good results. It's more expensive than the "plain brown wrapper" CA but has not melted any foam I've tried it on and seems to stick very well.