I didn't find it particularly hard to work with. I used some when I rebuilt my cockpit sole and it came out quite nicely. I also used it for my replacement worm shoe and found it easy to work. The bungs I glued in six years ago are holding up fine.

As far as the structural parts go, if they won't be visible I would suggest using clear douglas fir. It is stronger and lighter than meranti. I strongly suggest that you stain any exposed "mahogany" with one of the Petit filler stains to keep it from yellowing and give you uniform color.