Hi there Toptugger, the tug you are building you say 1:24 scale - so hazard a guess - could it be somewhere in the region of between 30 & 40 inches long? Obviously, the size of model can dictate the size of planks and the material used - also, the shape of the hull can dictate the size of the planks and the building method used. e.g. I have seen a fairly large hull (over 40 inches long) planked using balsa wood as the planking material. But, this is then sheathed on both the inside & outside with fibre glass giving the hull its strength and durability - so this is one possibility for you.
There are many materials which may be used to plank a hull - one which has been mentioned already and there are also obechi planks which are slightly harder than balsa wood. There is also mahogany which may be used. There is cedar wood too, if you have a look in the master class build - a guy has produced a hull using cedar wood. Other materials as one member has suggested in the past was wood used in venetian blinds - but you do need the facility to cut your own planks.
Just some thought and also there are a good few companies about who supply various planking materials - Jotika supply also - but best speak to them over the phone. Mantura Models do this, and Cornwall Model boats do too.....
Hope this is of some help
aye
john e
bluebird