Leelan, If budget is of concern and you're willing to put some extra work into the project there is another way. Check out what I did here on my seawolf to add a consistent 2" (close to 1/16") of scale material thickness. Use 1/16" styrene strip attached to your well sanded hull using two sided tape leaving a large gap between each strip. Trowel catalized Bondo (Evercoat lightweight would be good for this) in the gaps between the styrene. You can leave the Bondo higher than the strips until it starts to gel. Run a razor or olfa knife blade along the styrene strips skinning the Bondo leaving you with a nice uniform layer. Do this for the whole hull, remove the styrene strips and then fill all those gaps using the same process. Block sand the whole surface level, prime, fill your flaws with more bondo, sand, prime and repeat if needed. the auto-body places sell corrugated trowels that let you apply bond in this same principle, but using the styrene strips gives you the exact depth you want. Bondo is cheap and is extremely nice to scribe into!
Here's the pics of what I did. Yours obviously would be done in larger scale, but in the same principle. Its kinda fun too if you have the patience and like sanding.
My friend says that Bondo is too crumbly to take etched details. AND he says that it's not waterproof. Though I do seem to recall a build by Dave Merriman many many years ago on this site where he used Bondo to do panels on a radio-controlled HUNLEY he built for a client http://www.subcommittee.com/SubComm/photos_show.cfm?CID=181 . . .
The other problem is if you are actually going to put this boat in the water, that bondo will act like a sponge and swell up and crack all over the place. Please refer to Jeff Porteous' build on his Seaview. Same problem. That process works great on patterns for molding, but not so well in the water if not completely 100% sealed.