I want to say it should be safe, but the truth is, I am not sure what the fire retardant chemical that they use is and whether or not it will leech into the tank. My best guess is that as long as you don't carve it, it should be fine. The outer skin won't leech anything out. I would only be concerned about water running though exposed foam under the skin.
Personally, I prefer the GE spray foam Most of my local walmarts carry it. It's under $3/ can. It cures white and with smaller air bubbles.