Here are a few pics of my 1968 35' Sea Skiff with the plywood planks CC used for their lapstrake boats. It had a solid mahogany transom, and some nice mahogany trim around the helm. Brightwork on a boat like this really makes a huge difference. Do NOT use an electric sander, it will erode so much wood you will be able to see it in the gloss finish. Doing it by hand is by far the best way to get a really slick looking finish.
Tom has some good points about the fairing compound, I have seen it for sale, although I don't recall ever using any.
Regards,
Paul