Well, as usual, you fellows ask all the right questions - here are the answers.
First off, I did a complete article on cowl molding in the January, 2007 (Volume 1, Number 1) issue of Control Line World. It gives step-by-step instructions. Pay particular attention to the last paragraph.
Molding a spinner is the exact same procedure but you have one additional step - the backplate.
My procedure is basically the same as the one from Hobbypoxy.
Ty - I machine all my backplates - either in plastic as you see here or from aluminum. If I need a bit of extra noseweight, I can make them from steel or brass. You are right - hardwood would definitely be a better choice but I did not have any handy at the time. I ran the lathe at 1,250 RPM.
To compensate for material thickness, the male plug (ironic?

) must be accordingly a bit smaller than the desired end product. I normally apply enought layers to yield a .040 to .060 thickness. Also, a bit of draft is needed to remove the part from the plug. Coating the plug liberally with talcum powder before applying the release membrane really helps.
If you make the spinner and it's a bit too thin, just apply another condom to the plug, put the part back on and apply a few more layers of cloth.
Super simple.
If you have more questions please ask and I will try and give more info but the article really says it all.
Bob Z.