You almost have to shape them undersize to begin with. Matthew has molded components on his last four or five planes. Nose blocks, turtle decks, and now fuselage bottoms. With the pipe ship he molded the bottom, then cut it out for the pipe. Molding isn't hard, and he would like to do an entire fuselage some time. Here are some of the things he has learned (or added to the equation.)
Although balsa can be used for the mold, he generally uses foam, and has used both white and blue foam. It should be noted that foam does not carve well. However, you can band saw it to its basic dimensions, and then sand it to its final shape. Use coarse sand paper to start with, then move to finer grits as the carving progresses. You will need, at some point, to put a plywood stip under the block that is to be used as the mold. 1/4 inch plywood is fine, although size is not crucial. You just want to make sure that it is stiff and will not twist, because we are going to slice the mold vertically to fit the formers.
Yes, we are going to need formers for the molded piece, and the easiest way to fit them is to slice the mold at the point where the formers go (1/8 inch slice if you use 1/8 inch formers) and then slide a piece of balse into the slot and mark it so you can cut it to the exact shape needed for fit. If you do this before you finish carving, you can slide a piece of wood or paper into the slot, mark it, then turn it around and check to see if both sides of the mold are even. If not, sand away on the high point until it becomes symmetrical. It is good to place the mold on the plane periodically, also, as you progress, to ensure that the shape is correct and that it will be properly undersize all the way around.
Now, on to molding. Matthew normally uses three 1/32 in thick layers to form the actual part for the airplane. This ends up with a piece of 3/32 thickness, that is both stronger and easier to mold. Cut the pieces oversize to mold them. You can cut them to actual size later. Take the first piece, soak it in water, lay it on a towel to take off the excess water, and then form it around the mold while wrapping it in gauze bandages or old rags. You want something that will hold it tight to the mold, but will, also, allow it to dry. Elastic bandages work well, also. After it is wrapped, let it dry for 24 hours, then mold a second piece over the first. Let this dry, then mold the third over the first two. After all three pieces have been molded and dried, remove them from the stack and glue them together with a thin layer of yellow glue. Put this sandwitch back in the mold and let it dry again. Cut the formers to shape using the slots in the mold to mark them. Then glue these into place, trim the wood, and you are done. (Or, alternately, you may wish to trim it first, then add the formers.)
Just remember, compound curves get more difficult and may require slicing pieces out or molding sections at a time. If anyone else has additional helps, pass them on. I know I have only hit the highlights and there are certainly other techniques that can be added as well.