I have looked into this before but never actually followed through with it other than the couch cushion thing which is really limited. luckily I found a good bi-weekly open gym with a good tricking crowd. Sorry not to brag

.
What I found however for a cheap solution was carpet padding. you can get it far cheaper than other padding brand new at the hardware store. Allot of times i have also seen and even picked some up once from a house remodel. (check on Graig's list and most likely you can get it for free but the condition/smell may be a question.)
Which ever rout you go the durability is the main problem. Also to get a decent cushioning you will have to quadruple layer at leased depending on your needs.
My Idea was to get some duct tape on sale and after making the piece with the # of layers that I wanted, I was going to wrap them together with as much as I could to add durability. I was going to almost completely wrap it less some areas on the side for air to escape.
The duct tape would still be pretty expensive but still much cheaper than buying pads.
My other option was to tape some vertical supports on the sides and use some bulk rubber cement glue and some of that clear plastic that they use for painting. Then I would glue the plastic sheets to the top and bottom for durability and just come common scene clean up on the edges to keep it from peeling (a little extra tape)
My two main things you will have to really pay attention to if you go either of these routs is making sure air can escape and not pop your mat

. And Number two like with any other mat you got to keep it dry!!! if it gets wet it will really stink

. So make sure you have to properly store it when you aren't using it and keep in mind that it will be like a giant sponge. Most basements and sheds can get allot of condensation.
Good luck and let me know how it goes and if you find any better materials or ideas!!! I'm still thinking of doing something like it.
Great project though and good luck!