That certainly is a good way to go if you can afford it. I made new ones out of Honduras Mahogany boards. This wood costs about $4.50/board foot here in the desert. Teak is $15/ board foot. The boards weren't wide enough, so I edge joined them using epoxy. I used weather stripping for seals. The Mahogany was what is called 4/4, about 7/8" thick. I ran them through my planer to bring them down to 9/16". Many hardwood suppliers and lumber yards will do this for you. I don't remember the total cost, maybe $70.
The Mahogany will discolor if it is allowed to weather, so you have to keep the hatches well varnished. Teak is much better in this regard; it looks as good bare and sun bleached as it does finished.
Steve knows almost everything about Vegas, and I would think a long time about not following his advice, but I wouldn't use plywood.
Mort