Luaun's greatest advantage is that it's cheap and readily available. 1/4" luaun is about 6mm thick, which is half again as thick as the 1088 okoume plywood normally specified on stitch & glue hulls. Not only that, but luaun normally has thin outer outer skins and a single thick inner ply. This makes it stiffer than 1088 marine plywood. Add the additional thickness and it may be difficult to bend panels as specified in your plans. Is the deck of the Cheasapeake spec'ed at 3mm? I think there is a lot of bend in the deck, which is doable with 3mm, but which might be difficult with 1/4" luaun.

I think John Harris has written about using luaun in the CLC newsletter. If you haven't come across his article it would be worthwhile looking it up.