Hi Bob,
Tony's first sentence summed the options concisely. I switched from paper towel to craft foam several years ago, and no longer choose any other method.
I cut the craft foam into strips approximately 3/4" x 2". There's nothing magical about the size; it's how the math worked based on the size of the sheet.
I basically think of the foam as a "squeegee" to move CA across the surface. I put a small drop or two on the end of the foam and "squeegee" CA from one end of the barrel to the other (no retouching...just let it be). If you're careful enough, you can use the other side of the same end of the foam for the 2nd coat.
For the second coat, I start from the opposite end of the blank as the first (i.e., right to left, then left to right). Depending on the barrel shape, I might apply 3rd and 4th coats middle out, and then alternate to avoid the middle of the barrel being shy of CA.
After I've used both sides of the end of the foam I snip it off and have a fresh end.
Why I like craft foam:
-I have minimal waste of expensive CA; more ends up on a pen than soaked in a towel.
-I am more consistent with my finishing schedule because my technique is more reliable. I typically over-sand somewhere around 0.008" to 0.01", build up CA to about + 0.005, then micromesh to final. By using craft foam, I have better control of the amount of CA I apply. I have it down to where I can rely on a 6-coat thin, 4-coat thick approach and use only one strip of foam.
-Foam "squeegee" leaves a smoother surface that takes less effort to final finish because of fewer ridges left by other methods. Foam allows a lighter touch because your finger isn't pushing against the barrel.
-I no longer have those disheartening lint specks that paper towels can leave behind and aren't discovered until the final polish.
-I use darker foam colors to make sure I can see any dust or debris that might cause a finish flaw.
Buy a sheet of foam and practice your technique on a skinny spinning stick pretending to be a pen barrel. Once you get the hang of it, I'm betting you stay with it.