I was at a metal shaping gathering and a few of the guys asked me how the tear was coming along. "slow". "Foamies" are not that new. We all saw one of our fellow shapers had one at a gathering over a year ago. Anyway, one of the guys pulled out this piece of very dense foam board called Sintra.
http://sintrapvc.com/
We tested it out. With a body hammer (low crowned surface) the board hardly dented on the top. No transfer to the back side. With the pick end of the hammer (not sharp but sharper than a ball pein hammer end) it would break the surface on the top. Again, no transfer to the back side!
I wasn't being nice to it either.
I can damn near bend it in a circle (the piece is too small for me to get a good grip and bend it).
The stuff in my hand is 6mm thick. Unless you are beating it with a hammer or in a big hail storm this product will hold up great. Flexible, non-rotting, available in colors, and in 5' wide sheets.
I haven't checked with any local sign shops to see if they use it. I know the last couple signs I had made were more of a plastic corrugated cardboard type product.
It isn't cheap, but is probably the same cost as a couple layers of luan and an aluminum skin.