2" Beadboard (Expanded Polystyrene) ok for walls?

No chance of getting anything more than 3/4" pink or blue insulation board around here without doing a special order. I think I saw someone using 2" beadboard for their walls on here somewhere. Would that still be OK, or would I be better off gluing 2 sheet's of 3/4" pink insulation board together instead. I've already bought a couple sheets of the 2", but I'm not getting a warm fuzzy thinking about how friable those things are, especially when you try and sand them.
For that matter, is a 1.5" wall going to be thick enough if I go that route? I really need to pull the trigger one way or another in the next couple of days in order to finish this in a decent time frame.
For that matter, is a 1.5" wall going to be thick enough if I go that route? I really need to pull the trigger one way or another in the next couple of days in order to finish this in a decent time frame.