I used to use this stuff called balsa foam to shape and make parts for my setup. It's a little expensive, but it's way easier (quicker) than shaping MDF with my sanding wheel. It depends what you're making -- if it's structural, I use MDF and fiberglass. I made a couple of cone speaker pods for someone with it and some other stuff. It accepts fiberglass and bondo as well.
For example, if I were to make a mount for the logitech control panel, I might router out a piece of MDF or take the Balsa Foam and trace the outline. Then cut on the line how ever deep I think is necessary, round it with some light sandpaper and glass it, bondo it and finish. You can also use a combination of the two materials... make the easy (flatter) pieces out of MDF and the rounder, more odd, shapes with the foam, glue them together and glass it.
I agree, that could be pretty cool fabbed somewhere in the console. How big is it?