I have a preban Norinco 84s underfolder in .223 that I am interested in making more comfortable to shoot, at least as far as the cheek is concerned. Everyone knows how incompatable the underfolder is with a proper cheekweld. Obviously there is only so much you can add in thickness and still expect the stock to fold properly, but there is a little room to play with.
 One friend of mine has suggested some sort of rubberized paint, while another feels that foam padding properly wrapped should work. I don't want it to look cheesy and I would prefer it be durable.
Any ideas?

You could form a fiberglass "TOP COVER" for it. then you can manufacture a raised cheek piece as high as you like. when you need to go "GANSTER STYLE" you snap cover off?