I called TiteBond technical support and asked them about this glue. NOT a good choice for strip building. They recommend TiteBond II.
1. The wood molding glue is designed to have lots more flex and creep because of its gap filling properties. Not what you want for building a boat.
TiteBond II dries hard and stays hard.
2. The wood molding glue has only minor water resistance. It will soften quickly when exposed to moisture for any length of time.
TiteBond II is designed for use in environments where it will experience prolonged exposure to water.
3. The wood molding glue adhesion is about 1/3 strength when heated up to 150 degrees. TiteBond II adhesion is about 80% strength under the same conditions. Think about those hot decks in the sun.