If accuracy is an issue, an effective method is to build a missile type vehicle with the egg at the opposite end from the nose cone, near the fins. When the nose hits the ground, it should collapse into itself to absorb the energy until it the egg is only a small tip over to the ground. Not sure what to use for padding. At my college, the annual competition for the egg drop involved accuracy and survivability for a fall from 6 stories. Most of the entries were missile like and very tall because of the height of the fall.

In high school, our requirements for a 1.5 story fall were 40 drinking straws and unlimited rubber bands (not for padding). Only about 15% of the designs worked. My friend had one that still impresses me. It would be hard to describe in words. Definitely light enough for your needs, though.

Fer"Lots of rubber band wars for the duration of that project"rick