With some help I did further testing to see if it was possible to make the foam lighter while maintaining its strength and compression.
Testing with using a blender to mix the dry ingredient, a hotplate when adding each liquid ingredient, using double boiling to melt the wax and a low temperature oven when drying. Attempting to create the foam in a more controlled environment.
The blender worked well to thoroughly mix the dry ingredients.
The double boiling method worked well to melt and measure the wax accurately while also mixing in the wax for a good consistency.
The hotplate mixed the ingredients well but brought in a cooking time element so the resulting materials have varying moistures.
The low heat oven seemed to have cooked the foam samples while still not drawing out all the moisture.