I've been considering it.
There was some laying around here that needed to be recycled so I cut it up to temporarily protect the cans of my new NiMH packs. Then I covered those in medium density neoprene and hockey tape. Tossing the batteries in the Xtracycle's bags was quick and dirty and discrete. They looked great until it dawned on me that I'd just created an oven for my batteries.
I cut open the hockey tape seams of the neoprene and the taped Coroplast seams to charge my battery packs in their raw, shrink-wrapped state with a pile of heat sinks to boot. Next time I remove them from their shock and dent protected ovens to charge them, I'm going to make a hole in the shrink-wrap to insert a thermometer probe. Then I'll make corresponding holes in the Coroplast and Neoprene to monitor their heat under discharge.
Before gluing Coroplast, you have to remove the waxy surface. A flap wheel, sanding drum, wire wheel or just plain old 40 grit gets it rough enough for hot glue to stick. You have to cut through the outer layers, leaving the inner most layer intact, to make a tight bend. Cutting across the corrugations accurately requires developing a touch for the material.
Without a solid backing to spread the load, I'd not trust a Cororplast box to support the weight of our battery packs.
A "fender washer" as a backing plate would be about as small as I'd go but not without a of couple straps to secure the whole works.
The stuff is amazingly strong considering its cost and weight. It's great for mock-up fairings and serves sufficiently well for semi-refined ones too.
It's good stuff. It deserves better applications than employment for political and other temporary signage.