If you're looking for any kind of dimensional accuracy - I would not suggest 123D Catch. There is another product called AgiSoft Photoscan, but it is about $150 (not too bad IMO).
If you really need accuracy, you could laser-scan, but of course that is $$$. I use all of the above on a day to day basis and 123D is by far my least favorite. I would suggest building the model from the ground up, as 123D will introduce a lot of headaches. Even using sketchup will save you time over using 123D and then trying to correct for the extra geometry and potential issues.
Hope that helps.... If I understood what you're trying to do correctly (model molds for casting) - I would use a hand-modeling software rather than photo-scanning. If you already have the molds, the only way to get a good, accurate model is with a laser scanner.
I've only routed foam a few times... mostly wood:

Used many different laser scanners though: here's a FARO

It will be cool to see what you do with it - I just began an endeavor to model molds for T44 200 20v mudflaps in CAD, route them out of wood, and then cast them into rubber.