Hi Doug;

Surprisingly, the answer is yes. Surfboard mfrs, I've come to find out, use water based stains and pigments on sanded epoxy before the finish coats. They simulate balsa wood on foam boards in this manner. Generally, a tint coat is airbrushed on, and the graining is done with a brush and technique. Have I ever done it? No. Would I try it? I don't know, it depends on how badly the plywood needs help. Faux finishes on surfboards are apparently common and accepted within their industry.

Good luck, I think pix of the finished product would be called for.

Best Regards, Spidey.