Thank you all for the nice comments 
Heres how I did it
I put a old T shirt on, had my friend wrap my middle torso with wrapping plastic. Its important to somewhat hold your breath and try to keep lungs full. Dont wrap tighly
First mold was made using casting plaster wrap, 50mm wide. Buy wrap that is continuous. Just wet the wrap with water, have a friend walk around you and apply the wrap. You have to assist and hold/guide the first layer or two but it gets easier as thickness increases. Wrap bigger area than the final rib protector will take. All the molds should cover bigger area than is needed - that way theres support to make a solid laminate right to the edges of the final product. Again dont wrap tight and make some effort to keep good posture, dont slouch. Make the casting 10mm or so thick. Now if you sit or stand - that affects the shape. I decided to sit upright in a bar stool and read Kart Pulse
After the casting felt somewhat dry - I cut it open from the front and lowered it into the ground. Then I taped the cut shut, eyeballed that the casting stands true as it was cast and put it out of harms way to dry
After couple of days, it was dry enough. I smoothed most of the bumbs from the inside with coarse sandpaper wrapped around plastic bottle, rubber hose etc. I filled some voids with glasfiber bodyfiller . After the rough smoothing I painted inside and outside with gelgoat, then topcoat. I did this gelcoat + topcoat + sanding to the inside few times until the finish was good enough. The coatings also give the mold some rigidity. Dont be surprised if your ribgage isnt perfectly symmetrical. Humans are made without tape measure or water level
After coatings were dry and sanded smooth, I waxed the inside with mold release and applied polyvinyl alcohol
Second mold was laminated inside the first mold. I applied few layers of glassfiber twill until I had about 1.5-2mm wall thickness. I used polyester resin as it hardens quick
Before cutting the first plaster mold open to reveal the glasfiber mold I glued some wood sticks inside the glassmold so it would stay in shape
Then did some eyeballing how the glassmold fits to the seat. I added some bodyfiller to the sides to make room for padding. After the shape looked good, painted the glassmold with gelcoat, then topcoat and sanded/polished to a nice finish. Then wax + polyvinyl alcohol
Glued steel pipe to the wood supports, this pipe would fit inside a bigger tube that was attached to a vice. I could then rotate the mold while laminating
I used polyester resin as it dries fast and I dont get any skin symptons like when using epoxies. Epoxies are nasty stuff for skin. I laminated kevlar few layers and few layers of carbon on top. Laminate thickness at the back/front 1.5mm, sides 3mm. Back and front should be flexible - no need for thick laminate there. Ribcage gives under g forces and if the laminate is very stiff on all sides - it will press your lugns
Bought some 8mm thick foam rubber that has adhesive on its backside. Made the foam pieces bigger than the laminate - to give a nice soft edge. Sanded the foam pieces with power tools - final touch with oscillating sander smoothes out the marks. Applied electrical tape to the adhesive and folded the tape over. It stays on because of this fold. Electrical tape kind of tries to dig into the foam
Something I observed - prior this I made one mold while sitting in the kart. My thinking was that then the ribcage, body everything would be in driving position - So the fit would be perfect right ? I started the mold by cutting a piece of 1mm carboard, long and high enough that it would cover my ribcage. Cut some slits to it so it would conform but stay somewhat rigid. Put on a thick shirt, had my ribcage wrapped with wrapping plastic, then fiberglass twill soaked in polyester resin and on top of this again plastic wrap so the laminate didnt droop. Put a plastic bin bag to my kart seat and sat in to it. The laminate heats up - thats why the thicker shirt. It also emits nasty odor while hardening so mask is necessity. The reason why this didnt work - the mold becomes exact replica of the seat. All the bones,skin, muscles ( fat ) push the laminate right into the seat. The sides come straight. A exact replica of the seat. So in theory as the ribgage is rounded, the vest should also be round. Flat surface would concentrate pressure to one point on the ribgage. Roundshape that matches your ribcage distributes the load over all ribs. So ditched this mold and made the plaster one
Now question for all you kart racers who competed back in the day - when padded seats were available. Did padded seat cause rib injuries? What are your experiences in using them? Why did they go out of style? I havent used a padded seat so I have 0 experience. In perfect world I would like to drive without a rib vest and have been wondering would it be possible with a padded seat