I have tried everything in the last 20 years, and can honestly say the best bet by far is the 12 inch foam balls cut in half. I snake a 3/16 bungee thru the hole, place a 2" milk jug disk over the big center hole, leave a 2" loop on the top secured with 1-2 Ty-Wraps. Then pull the bungee tight, place another 2" disk over the bottom hole and add a metal 69 cent thumb spring clip cinched with 2 Ty-Wraps. I buy the red bungee cord in 25 foot lengths from a rock climbing supply. I make up 20-30 of these which last 3-5 years. I use liquid nails to glue the cleanly cleaved ones back together. The really busted ones get a 1/2 of a 7 inch foam ball to their top after I saw the busted pieces off, leaving a flat, with a bow tree saw. These are good for another 5-6 blows before they are trashed. The spring clips are never lost since they remain even after a rigger hits a buoy at 95 MPH and explodes the buoy, the clip is locked on the sub buoy. The bouys never damage a boat from what I have seen, and are a quick and easy replacement during an event. Even our sub surface buoy has been refined to an art. There's no messy liquid foam, no tough milk jugs, no crude home-mades. The 1/2 balls work great, and look super. The best part comes when you set the buoys, the top loop is a finger hook, which allows you to lift the buoy station and set it down right on the markers. I have also discovered the absolute best Day-Glow orange paint. It is sold by Advance Auto, which does not attack foam and will last for about a year in the sun before it fades.
So try it, you'll like it!!!