Have heard of people doing it. Supposedly floats can be carved out of blocks of the stuff. The manufacturer of the material rates the stuff as only "fair" in compatibility with ethanol, which gives me some pause.
I have been modifying the Sierra / Mercury floats for my Gales for years now. I also put one in a Johnson TN several years ago. Way far preferable to monkeying around with trying to salvage old cork floats. And no, I have not seen any Ethanol effects on them, whatsoever. The OMC/BRP replacement floats for their 3-20hp carbs are Nitrophyl also. Their bigger/newer design motors have been Nitrophyl from the get-go.
It’s been so long ago, but I don’t think I did anything but remove the spring and drill out the center for the 3-32" float pin. For the Gales, I sand the dome off the top. Don’t take too much off. I did once, and you can’t put it back on.
Sierra P/N 18-7208 is the part you are looking for to make a float for the TN motors. I have done a few myself, and as Frank said it is very easy to do.
Some older GM(car) gas tanks had 2 styles of closed cell floats in them. Small float fit the 2.5 hp OMC carbs and the larger float fit the TD/TN motors. If carefully cut you can make 3 floats. Sorry I do not know which model cars had these floats. Talk to your local auto shop or scrapper. One advantage to these is that the center hole is already drilled. Stan in Ohio