Joe
you are on the right path. Cardboard for a template, then plywood for the first few pieces until you refine the splitter into what you want. Then aluminum or nomex honeycomb covered in carbon or f/glass with epoxy. It is more costly but better value to buy the carbon piece and just shape it to your plywood template.
Working with honeycombs or other core materials can be a little frustrating for the DIY'er the first time, especially if you do not have vacuum tools, and an oven available.
If you are a real cheap shade tree mechanic, and have some weight allowance to play with (I am not familiar with the weights in BM), then marine ply covered in a couple of layers of lightweight f/glass, and wetted out in Epoxy Resin (recommend West System) is a good solution. It will be heavier than a composite equivalent, but the weight is as low as you can get it, and the $$$ savings will be substantial.
One issue you may face in buying a carbon honeycomb sheet is that for most sportsracers, you will need an 8x4 sheet. The front of a Radical is wider than 4 feet, so you either have to use two pieces from a 4x4 sheet, or cough up a lot of money for a 4x8 sheet. I think the last 8x4 sheet (1/2 thick, nomex core, two layers carbon skin each side) I purchased was in excess of $400, and of course that size needs to be delivered by freight, not UPS.
A properly designed front diffuser will be more efficient than a front wing element, but will be more costly both in dollars and labor. That is probably the reason you see the proliferation of front wings - cheap and easy.
HTH