I use this technique, except I use the ankle straps instead of handles for bench press. I also put an old bicycle tire tube on by bodylastics tube to protect it from abrasion.

I've used pipe insulation and pool noodles for similar projects. Unless you wrap it in tape the foam gets shredded in no time.

I have not used the pipe foam. I just wanted something that was not bulky that would fit in my gym bag.