Couple of things come to my mind :

You will note that the plywood "strip" is much heavier than the equivalent cedar or pine strip.

You would need a fine toothed band saw to cut the strips so that the edges are fairly smooth.Plywood -- especially smaller thickness sheets - are notorius for leaving rough edges when cut.

And if you dont choose high quality marine ply, you would surely have a few voids.

I am a little unsure about how well a thin plywood piece would take on glue - edgewise -- I think the plywood veneers are glued together under some sort of high temperature phenolic bonding, how compatible is this with other glues ?

Cheers

Prasad