You are pretty much right on. As for Luan sp, the name lauan comes from trees found in the Philippines but has become a generic term in the US for imported tropical plywood. Its also known as lauan, meranti, or serai.
A lot of people on here have encapsulated their boats in epoxy and fiberglass and have had beautiful and highly functional results with lauan. Several swear by it. I have not heard of complaints of it checking, but like marine fir lumber, if it is encapsulated in fiberglass and epoxy, the checking, if any would probably not show.
However, the lauan that I am familiar with in the Pacific Northwest could barely be called a plywood. It is more of a thick core of an unspecified cheap lumber with two thin lauan veneers.
The real problem, IMHO, is that the grain of the thick ply in the middle runs perpendicular to the waterline. Essentially, you end up with a boat made up of almost entirely short grain material. Only the thin surface veneers are running along the length of the boat. This would be very weak. However, If you are planning to fiberglass both inside and out, that would negate this weakness and you may not have any problems.
One thing you could try if you have a scrap of lauan, is flex a narrow piece and then plane off the surface veneer. Check if there are small cracks in the thick interior core ply. This could be a problem if it were used in a boat without complete encapsulation with fiberglass and epoxy. If water penetrated the thin veneer, it would pass right through the the cracks to the interior of the boat.
Luan is a very nice looking wood. I think it looks nicer than Okoume. Why is it so cheap than? Because the core is made of very cheap wood with not much quality control. The same wood is also utilized in marine plywood (referred to as meranti). When it is, the price jumps to $46/ sheet where I live. This is due to it having thicker outer plys with core being made of a higher quality material.
The way I look at it is that you are going to spend many, many hours completing a beautiful boat either way. In the the total cost of the construction, with epoxy, fiberglass, and other rigging, the overall difference in the cost of the plywood isn't a huge percentage increase in the total cost of the boat.
I also considered doing what you are doing and use the good stuff for the hull and the other stuff for the rest. Any problems with the exterior of the hull would be visible to me and easily repaired. However, its the nooks and crannies inside that may start to deteriorate that I can't see that worry me more. Therefore, I will try to use the marine ply throughout. If I was in Florida where the water is warmer, not concerned two much about a slightly heavier boat, and not going off shore too far, I would probably use the cheaper stuff and fiberglass all parts inside and out. However, only if i could find voidless cheap stuff that looked nice.
I should have warned you first that I am overly cautious and if $80-100 more in cost even has the slightest chance of keeping me alive or safe, its worth it to me. I like to think I'm worth at least that much. Interestingly, my wife wants me to make it out of particle board with only taped seams. I don't understand why.
Also, as I stated before, I want a light boat. Therefore, for me the weight savings is well worth the extra money. If I could afford balsa plywood, I would consider it.