Alright.
I think some very important facts and points have been brought up here. It sounds like the GRP version so far would be a good starting point.
Now without being dragged out into the street and shot for mentioning this, can i ask your for your thoughts on maybe a third option?
Recently I acquired a Krick Victoria kit. As some of you already know the hulls on these kits are vacuum formed ABS. I am aware that there are mixed feelings about this material too, however I think I "might" (don't shoot me yet) have found a way to get the best of both worlds.
Now what I have done I am sure has been done many times already ( well I know "John Bogstandard" has) and that is to laminate wood strips on both the inside and outside of the ABS hull. I did this purely as an experiment to see how it would turn out. So far so good. I think this might be the best of both worlds because you get a lite weight hull from ABS, the water tight membrane plus the basic shape. By laminating the whole hull in wood you will both strengthen the ABS as well as achieve the look of an all wood hull.
I can tell you from building my model, this thing seems to be bullet proof. I was able to plank the entire inside and outside of the hull in four nights (after work of course)

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Being able to lay the wood strips down over a perfectly smooth hull form opposed to frames made for some very fast building times with flawless results. In fact since the wood strips laid down on the hull so nicely there wasn't much need for sanding! So this gave me yet another idea.....why not spend very little time sanding the hull only where it's really necessary so that the slight imperfections of the plank heights from one to the next and the wood grain would still be visible after the paint was applied. Again this was purely for entertainment and scientific study

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I have posted a picture of the launch where you can just make out the planks on the red water line area. They are actually visible on the white painted area too but they don't show up in this picture. I think if you wanted to build a none painted hull you could spend more time sanding and achieve a nice varnished look.
Ok.... you can commence firing now!

Please don't be afraid to tell me how you really feel about this third option. I am a big boy and can take it! Plus I have fairly thick skin so you really won't hurt my feelings. This is in the name of research after all!
P.S. Proteus..I think you are right. I don't believe I have every seen a really badly made MHB Launch. They are all top notch.