It doesn't really matter what it is, but more what you replace it with. What you are proposing is fairly common, and everything from plywood to foam core has been used. The good thing about the foams is that they wont rot again and are light weight. I bet you will be shocked how heavy that hatch is when you pull it out. Especially since it is most likely waterlogged. If you type this into google, I bet you'll find a ton of step by steps with pics to help you along. Easy job.
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1971 Potter built center console.
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