Now for some good news. The foam is somewhat flexable but still is pretty ridged. Model Railroaders use it for mountains as a base the lay down rock castings and plaster for the ground on top. Don;t ask me how I know this, as I will deny any wrong doing...
My thoughts are this. It is ridged and sticky until dry. You could use your regular molding materials i.e. latex rubber for a thick coat around the master. Now place it in a bucket or tray. use the medium expanding foam to create the base structure to support it instead of heavy plaster which can shrink or crack over time. Now you can flash cast to your hearts content. essentially it is replacing a material in the process. You may want to cover the rubber from the model with seran wrap "cling wrap" This way you can remove the casting and peal back the rubbber and replace it to the foam structure. Once the foam is dry you won't need the cling wrap any more. expanding foam isn't cheap but it probably will hold up better to handling and bumps etc. since it is also designed to go into a house wall it will stand up to sitting in a hot garge over the summer and such. Also if you live ina humid area you won't get mold or anything else growing on it like I have had happen to some plaster castings I have had.
Just my two cents hope this helps!