Hi there Malcolm
To be quite honest, you have several options open to you. Which one you decide on is entirely up to you and which one suits you the best. You could plank a hull quite successfully using 3mm thick balsa strips. Planking a hull with balsa has been done by several members of this forum quite successfully. I have planked with balsa on 2-3 occasions.
The resason I dislike using balsa as a planking material is, I am very heavy handed when it comes to sanding

and I have sanded through on several occasions.
The way I personally overcame the problem of sanding through was, when I had finished planking a hull, before I did anything else, I coated it with a coating of polyester resin with hardener mixed in to allow it to soak into the balsa wood, making the balsa wood slightly harder and better for me to sand.
If you go the plywood way and use plywood as planking, 1mm thick plywood cut into 8mm strips would do the job. Personally, I would go for 0.5 or 0.6 mm plywood, or whichever is the best option for you.
I would cut the plywood into 8mm thick strips.
I have a friend who sat one night with a stanley knife and a steel straight edge. He marked off and cut a 4x2 sheet of 1mm thick plywood into strips for to plank with. This was just to save him the cost of having it cut for him into strips plus he did not want to waste any.

Now, I have included a little scribble, which may assist you in how to diagonally and double-diagonally plank your hull. Once you have all the basic framework set in, where you have your keel/chine/stringer/deck edge stringer in place - it pays you to add bottom stringers. The more you add in, the closer you will get to your bottom hull profile. The same on the sides, because the hull you are proposing to build has a fair amound of flair at the bow end.
When you eventually come to start to plank, my personal preference is to commence approximately at the centre of the hull - mid-section. Your first plank should be approximately 45 degrees angle to the keel.
As you plank towards the bow, you will note that the angle of the plank will increase. This is normal. My normal method of planking, is, to do 5 planks one side of the hull/5 planks the opposite side of the hull and by that time the 5 planks on the other side are dry (i.e. the glue has dried).
Then, I go 3 planks one side of the 5 and 3 planks the other side of the 5 (in other words 3 planks towards the bow and 3 planks towards the stern). Once they are, I do exactly the same on the opposite side.
When the hull bottom is complete with one layer of planks, I do the sides in exactly the same method - i.e. 45 degrees from the deck edge at mid-section of the hull.
Once I have the full hull completed with one layer of planking, I lightly rub it down to remove any abnormalities, fill in any hollows with P38 filler and then apply my 2nd top layer of planks in the opposite direction to the bottom layer of planks.
Once this has been done and I have sanded and filled - I then proceed and give it a coat of polyester resin with hardener mixed. This is where I think you will have to make your own mind up of what fibre glass material you are happy working in. Some of the very light woven material (similar to what the aircraft lads and lasses use) some people find it easy to work with and some find it difficult because it can be difficult to remove air bubbles out of.
If you have had no experience in working with fibre glass, it may pay you to try and work with a very light chopped strand glass
mat thats for Kayem 
.
I hope this is of some use to you.
aye
John e
bluebird