Looked at your album. Nice start. I can't address the issues of the exterior exposure and sealing the outside of the tear.
Formaldehyde out-gassing is not good for anyone, but people have different tolerances. I'm one of those who are especially sensitive. My trailer build will be substantially complicated because of that. It will probably be primarily aluminum.
It looks like you used a five-ply panel which is probably good. The exterior plywood typically off-gases much less than interior ply, maybe by a factor of 10-15 to one. I would think that the number of plies also factors in as you have many less glue lines than if the wood had many more plies, as some interior grade cabinet wood. I don't know if the cabinet grade plywood (or best of what you can find at Home Depot, like their birch or oak veneer) is available with exterior glue. I would assume that it's interior grade glue, and an import at that, where quality control and emission issues are more lax. I think you did well with the plywood you got.
I don't think that a coating containing formaldehyde as a paint product preservative would give you much of any kind of problem on the exterior of the body. It's not likely to have much in there anyway and its on the outside of the plywood where it can vent to the great outdoors. The problem is excess formaldehyde used in the urea-formaldehyde glue that doesn't react when the glue sets. This excess reacts with moisture and causes the out-gassing. Exterior plywoods typically use phenol-formaldehyde glues which don't exhibit as much of a problem.
There is a paint/coatings company that specializes in products for sensitive people. They make low VOC coatings that are also designed to block formaldehyde transmission through the coating, by a factor of 90-95%. You can't stop it all, but you can slow it down to where there is not much of a problem with reasonable ventilation. I spoke with one of their reps last week and he recommended their Polyureseal product as the best for wear and tear
and as a gas sealer. Basically a waterborne poly that's designed for a special purpose. Maybe a similar coating would work just as well, but this stuff is not that expensive if you think you could be sensitive.
http://www.afmsafecoat.com/
My wife and I get the same symptoms, which are rather typical, when we get a dose of formaldehyde: watery eyes, shortness of breath (like asthma), brain gets a little foggy, possible headache. Just going to our Sunday school class can wipe Suzan out for a day just because of the formaldehyde in the women's "perfume", and the ingredient toluene doesn't help either. No energy, linked to fibromyalgia and chemical sensitivity syndrome. We're a mess. Most folks don't have to experience this and standard teardrop construction isn't a problem. But that said, if it took me an extra ten-fifteen bucks to coat the inside walls of a very small enclosure to reduce this off-gassing, I think it would be worth every penny.
Just my two cents worth.
If you don't mind me asking, what kind of $$ did it take to get the sides cut by laser?
J.B.