I've 'threatened' to do this but using materials more suited to original items. I have steel tubing I could bend around a plywood form. I don't know how to weld but can solder pretty good. JBWeld works wonders, too, to attach hinges, ribs and stays! I'd use nitrate and butyrate dopes to attach the fabric and for the finish. I build really large vintage sailplanes for RC and use some full scale techniques in some of the construction. I build a powered RC model every now and then but find it is more fun flying a vintage sailplane! See them on www.scalesoaring.com
in the 'Scale Sailplanes' build threads.
The recommendations made above will work. You can't use solvent based adhesives on blue foam for the foam will melt. That's why you want to use Elmer's wood glue or similar. Be sure to use polyester dress lining material. Non-certified Ceconite or Koverall by Sigmfg.com is very close to the same thing, a little better, maybe, but also more pricey. It's too bad the old time TV antennas aren't around because the aluminum tubing used on those would be perfect because it is very ductile and easy to jamb one piece into another to make longer lengths.
You can make a Gnome or other rotary from cardboard, card stock and cardboard tubes, bits of wire and scrap wood, too! Paint it silver them glob on some black and then glob on some varnish to look like dried castor. I have that one on my mind, too. I've been so busy building sailplanes I haven't had time to really build some fun things like this. I am almost finished with a 1/6 Sopwith 'Pup'!