I recently tried using some 2mm thick craft foam from Hobby Lobby. It cost me maybe around 89 cents for a big sheet of it. I cut out sections about 1 inch wide and maybe 4 inches long. I will trim off the section at the end where I put my drop of CA after a few applications worth.
What I've found is that it gives me a longer work time, allowing for a more even coat of CA. This translates to creating a smoother surface requiring much less sanding. I also find that I'm using a fraction of the CA that I was using when using paper towels (both white and blue). I haven't seen the white smoke since making this change. I'm using Stick Fast thin and just started trying out the InstaBond CA finish that CSUSA sells.
I will use a quick aerosol blast from either the Hot Stuff NCF accelerator or the Stick Fast activator with either of the types of CA I use. I'll use the accelerator 2 to 3 times while finishing a pen. One of these blasts will be just before I stop the lathe to inspect the pen before starting with 400 grit sandpaper.
I don't think I will go back to using paper towels. It's quicker applying the CA since I'm using fewer coats (less CA fumes in the garage), I'm using way less CA when I use the craft foam (less CA fumes in the garage), I don't have to move quite as fast since the CA doesn't start reacting almost immediately like with a paper towel (less CA fumes in the garage). Before you get the wrong idea, I do wear a half-mask respirator along with my face shield when applying and accelerating CA. The acetone accelerators tear me up pretty bad, so I have to gear up so I don't get whomped.
I think one important facet to this is using only a small amount of CA at a time. I start with one drop, and might go a little more as things progress. But no drizzling CA onto the spinning blank.
Other then the less fumes (smoke) what is the benefit to using the foam.
Does it create a smoother finish (which means less sanding? YES
By the foam not absorbing the CA are there less coats applied which means saving a small amount of CA? YES
If my memory serves me correctly I have seen on videos and been told if the paper towel doesn't smoke it is the wrong kind of towel. (Now my memory may have that reversed.)
I have always used the paper towel method. And where I work we sell many types of paper towel and are always receiving busted cases so they are free.