Sonic, My first thought is that plywood leaves you with an awful lot of end grain to handle. No problem if you are going for a millimetres thick polyurethane finish, but otherwise it could be extra work. Also there's actually rather a lot of plywood in a 2in or whatever body, and you probably need a lot of layers. I think if I were going for a budget materials body I'd look hard at whether gluing strips and slabs of pine or something else cheap would be less work, especially if I could source secondhand timber, shelves, beams, that sort of thing. There's also the thing that the raw timber is not one of the major cost components unless you are going exotic. But an awful lot depends on your facilities of course.
Rob, I must admit I'm a bit bemused by the pine ply pine sandwich. How much strength do you think the body needs? Or is it protection from warping that's your key goal?