This is a mash together of Ryan's blank tool mount and the dkj4linux needle cutter. For full development of the tool, visit the FliteTest forum at http://forum.flitetest.com/showthread.php?24251-Cutting-foam-sheets-with-a-needle!
Update 7/22/2017 added an experimental "needle holder". This piece is designed to fit a 10mm bearing using .030" wire. The wire is fed through the holder from the bottom and a small 90 degree bend is added at the top in the bearing pocket.
Update 9/20/2017 added new version of the needle holder with less mass in 10mm and 8mm sizes.