You can certainly give it a shot. The effect may not be as good as an Auralex, but, it will certainly be better than nothing.
The thing about the foam is that it needs to be firm enough to take the weight but spring enough to effectively decouple the sub from the floor by spreading the weight evenly across the contact patch.
Before you go building one and since the SVS already has a bass plate, you could just slip a foam pad under it and see how much it decouples. If you have a Guitar Center near by, they might have a Subdude in stock. You can switch the raw foam pad to the Subdude and see if the improvement is worth the money.