ablebonus,
That foam might be great but you might want to check on using the contact cement. I have a foam target that's cemented together like you mentioned and it seems like the arrow tries to "bond" with the cement when it penetrates the foam. I am always having to clean the adhesive off of my arrows. There may be a better adhesive out there that wont do this. Maybe just cement the foam around the edges or something so that the arrow does not penetrate the foam where its bonded together.
Just an idea
Dave