Bowman...
I would be a little concerned as to why the foam is breaking up. It would seem to imply (to me at least) that the foam may be water-logged (and thus weighing down the boat). If so, this is a minor concern. It won't likely hurt anything any worse than it already is, but it will slow the boat down drastically and also reduce the maximum safe load of the boat. It will also greatly reduce the resale value of the boat.
Good luck,
TerryMSU