When I use an ACE bandage, I usually whack the pics with Photoshop afterward to replace that bandage with "skin". However, at AX this year, what one saw WAS actually skin, not ACE. I used Sports Tape wrapped basically from the center vertical line of the breasts only around the back of my body: the method is explained in the very first post in this thread.
I think it worked amazingly well for looks (see attachment.) The chest I DO actually have totally disappeared!
Like I said though, I might not get another chance to try it. (Rats!) It freaked my husband out, not the least because I did lose a bit of skin when I took it off.
EDIT: Celluclay is a fancy pulp paper-mache stuff. Pretty cool, dries veeeeery slowly, though. Sculptamold is a similar product which dries faster because it has plaster in it, but that makes it heavier, so I went with the Celluclay. Both products can be cut and sanded when dry.