I'd stick with marine plywood. The glues holding the wood layers together are designed for a marine environment. Thompson's or other wood sealers only treat the surface layers.
Marine plywood is about 3x the cost of standard plywood. The time and effort you're going to put into this project is worth the more expensive wood. I'd even seal the marine grade plywood with epoxy resin and fiberglass cloth.
Take your time and do a quality job.


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