I replaced the original white masonite pegboard
with 1/8" birch plywood. "Door skin" plywood, it's referred to around here.
I would have liked something more waterproof as this is interior glue plywood.
But it's strong, easy to work with and very attractive, it also adds some light being a blonde wood. Nice contrast with the mahogony.
I varnished it(both sides and edges) after cutting and fitting. I used the old pegboard as patterns. It went very quickly. Fastened with SS screws and finish rings for easy removal. A bonus is the material is cheap, about 20.00 per sheet, I believe I used 2 for the whole boat.
I have a leak at the front of the cabin which I will repair this spring, this discolored a section of the plywood. Not enough to replace but if you need to, it's easily done. The rest are holding up like new.