There is a product out there called polyboard, I believe its HDPE. It can be bonded with HDPE cement and there are bonding agents that will stick to foam. I don't know if you came across it but it is an alternative to plywood. In this thread I did a breakdown:
http://www.expeditionportal.com/forum/showthread.php?t=52844&highlight=polyboard
Okay, so this is the APPROXIAMTE break down of weight and cost of plywood vs. Polyboard.
Plywood: 4'x8'sheet weighs 25 lbs per 1/4" of thickness.
Polyboard: 4'x8'sheet weighs 36 lbs per 1/4" of thickness.
That's a 44% increase in weight for Polyboard vs. plywood.
.020" aluminum sheet weighs in at 9.6 lbs for a 4'x8' sheet, add that to the plywood and that's 34 lbs total. I imagine that glue and fasteners to secure the aluminum to the plywood would weigh in at least 2 lbs, so it looks like you break even.
Cabinet grade plywood cost:
Thickness Type Size Price
1/4" Sanded Hardwood 4x8 Sheet $18.44
1/2" Oak (3-ply) 4x8 Sheet $38.47
3/4" Oak (5-ply) 4x8 Sheet $39.95
Polyboard cost:
1/4" Polyboard 4x8 sheet $43.59
1/2" Polyboard 4x8 sheet $61.60
3/4" Polyboard 4x8 sheet $86.28
That means that for 1/4" Polyboard is 42% more, 1/2" is 62% more and 3/4" is 46% more expensive than plywood. If you used the .020" aluminum sheet at $50-70, regardless of thickness Polyboard is cheaper. If you had a cheap source of aluminum then of course it would be different, I just used Google search so I'm sure that's max price. Add in the cost of glue and fasteners to attach the aluminum and the gap opens further.
According to my calculations Polyboard weighs about the same as plywood and aluminum and may be cheaper depending on your sources.
Now that I look at this again, the thicker you go with Polyboard the heavier it is. A 3/4" Polyboard weighs 98 lbs where as plywood comes in at 75lbs. Add the 10 lbs for the aluminum and the 3/4" plywood/aluminum combo weighs 85 lbs. So 10 lbs more per 4'x8' area.
If I were to use Polyboard I would definitely use 1/4" for the outside, ribs out of 2" 3/4" strips with a rigid foam void filler. Bond all the seams with a HPDE adhesive and I think you would be water tight. I would sheet the inside with varnished 1/4" plywood, its light and looks nice. Now, if I can figure out how to make a pop top light enough to be supported by the Polyboard foam panels I'll be in business.