Ooh! I don't know how much help it *actually* is, but I do know that you can get these wooden stars at Wal-Mart or JoAnn's or Michaels (or somewhere similar) that fit perfectly inside a styrafoam ring (that newer styrafoam stuff, I believe it's called "Dy-lite" or something similar - it's nicer to paint and to glue). The wooden stars are slightly beveled, too, so they're pretty close to the shape, and they're really light.
That would be the perfect base for the main part, and then you could use that craft foam for the little wings, and a dowel for the handle. The hardest part I can think of would be the joint in the middle, but using something like air drying clay or friendly plastic may be possible (although I can't speak on behalf of friendly plastic, as I've only used it once). Or perhaps a product called "paper clay", which is sand-able when it's dry.
I wish you much luck with it, and let us know how it goes
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