What I'm thinking is along the lines of what American Traders produces:
Looks like a canvas style canoe except using fiberglass on the outside instead of canvas.
I'm thinking more like what you said about Herald Patent's method. The inside wouldn't be ribs. It would be strips going 90 degrees from the strips on the outside. The boat I have sketched has about 65 square feet of surface area.
I did some rough cost esitmates based on what I can get locally.
Cedar
Figuring in waste, if I want to cut 1/8" x about 1.25" strips from cedar, it would cost me around $1.50 per strip. Total wood cost about $230 or so for the wood.
I figured the density of a hypothetical sheet of cedar 4' x 8' x 1/8" would weigh 7.3 pounds.
Okoume Plywood
If it I did the strips from 1/8" Okoume, it would cost about $1.10 per strip or $170 for the wood.
The weight of a 1/8" sheet of Okoume is 10 pounds.
So total weight of the wood (not including gunwales and such) in the boat with cedar would weigh 30 pounds. Using marine Okoume wood weight would be 40 pounds. That's a big difference for a canoe!
$60 differnece is significant, but not a whole lot when saving 10 pounds. It would be more work cutting the cedar. But not too bad. Easier to handle than a 4x8 sheet of plywood.
I've played with some 1/8" ply and it will bend in the cross sectional "hoop" shape with no trouble. No steaming or anything needed.
So the question is: will a 1/8" strip of cedar bend in that hoop shape without cracking? Or would it need some steaming? I haven't played with cedar that thin.