Now, saturate the plywood, and saturate the aluminum. Pull them from the water after a week, and see which is lighter.....Plywood is roughly 25 lbs per 1/4 inch of 4x8 sheet (dry!). 1/2 ply = 50 lbs. Alum is 165 lbs per cubic foot. 1/8 (.125) x4x8 is roughly 55 lbs. I'm in the same situation and thats what my research povided.
They key to using plywood is to have good drainage. Don't allow any place for water to accumulate. That means space up your supports from the hull, at least on top of the ribs, if not higher. Also, don't let mud and trash get underneath your decking, because they will retain water, and when in contact with plywood for a while, it will start wicking it up quite quickly.
Oooh, but aluminum is so much more fun. Not pushing one way or another, but you really don't need special tools to work it. Sheet can be cut on a table saw with a 60 or 80 tooth carbide blade, square and angle can be cut with a recipro. saw, with the stuff in a vise, or with a miter saw, again with a carbide blade. Odd shapes can be cut with a metal blade on a jig saw. To install rivets you just need a 20 dollar pop riveter, and a standard cordless drill and bits.I'm gonna go out on a limb here and say I think for most amatuer boat builders/modifiers like most of us are, plywood would be the material of choice.
Now, the other stuff makes it a lot easier - vertical band saw, horizontal chopping band saw, drill press, pneumatic riveter (don't yet have one of those) bending brake (nor one of those) etc. But it is still quite possible with most wood tools.