Ply is a brilliant material for rigid low-weight construction - especially when combined with epoxy. My '84 trials boat was constructed from 4 and 5mm tortured ply reinforced with epoxy and locally reinforced with woven rovings and epoxy. It was stiff and fast and came in so light that we had to have 'heavy' centreplates made as we had run out of allowable maximum correctors!
The added beauty of a varnished boat is just a bonus