For my lava rock I just asked a neighbor who had it in their garden if he could spare a few, that was right in my price range Hah!
Sculpey could work, you'll probably need lots of coral pics as reference to get the texture right though.
As for the canvas, you're right in thinking the canvas would be one of the first things to go. World War II Wrecks is a vid I found on youtube, At about the 1:45 mark you can see a Dauntless, and most of its canvas tail is long gone.
For the wings, if you don't want to strip them completely remember that you could cheat a little and overgrow them with very new coral and plant life, or cover them partially in sand, just like you can see in a lot of those pics.