Er, I'm a bit late into this thread but I have just noticed where you ask about tongue and groove, Red.
Tongue and groove panelling fitted dry will be a lot less strong than even 1/8" plywood - it will resist a thump from your hand well, but will have nearly zero racking strength. If we're going to get technical, the joints can't carry any shear force, so the trailer body will have little torsional strength.
If you carefully glue each tongue into each groove with a suitable glue, that would be OK for torsion. But it still wouldn't be as strong as the same weight of plywood - the whole is only as strong as the weakest point, at the base of the tongue.
Andrew