I've never heard of PVC foam but I can see how its possible. I did a quick Google and its apparently used for fabricating some aircraft parts. From the descriptions, it's worked pretty much the same as Styrene (not foam), even going so far as to be vacuum formed. I'm not sure what airplane components would be fabled with it, but if its FAA approved, I don't see why not.
I don't know how much abuse it can take though. Do you intend of putting a shell, like fiberglass, on it?