I'm installing servos and will soon be sanding my project; have been looking at the hobby brand balsa fillers. Is there a box store solution that I may already have laying around, that would work just as well?
Yup, home improvement stores should carry a for of lightweight joint compound. It will work. Once sanded you can harden it up with a few brush strokes of WBPU.
One possible concern with spackle is that it's white. This might be an issue if you're using a lighter color or transparent covering as it will be visible through the covering. I picked up a couple containers of balsa-colored filler, which is pretty similar to spackle, but light brown. The filled spots are very well hidden this way.
Also, when using either spackle or balsa filler I like to thin it down to the consistency of thick pancake batter. When going over large foam surfaces I thin it a little more. Only a tiny amount of water is normally needed to thin it out.