You can substitute carpet glue in place of latex, and that can save you some money. Just make sure you paint it after it dries, because the unpainted stuff will remain sticky even after it dries.
Then there is the Elmer’s glue and paper towel method. You soak torn pieces of paper towel in watered down glue, attach to bucky as skin, then paint it once it dries.
Also, for an interesting look you can use Great Stuff foam on the bucky, and before it dries hard, smear it around so that it doesn't foam up completely. Paint it once dry. Make sure you wear gloves while using Great Stuff. It will stick to you for a very long time if you get it on your skin. I think I still have a few patches on me from 7 years . lol
I've also seen someone dip cotton into regular house paint, and use that for corspsification material.
You should do some experimenting. You may come up with a completely new method.