Yes, you can use plywood in carvel planking, but you can't carvel plank the plywood, it will have to be glued. This is because the solid planks are edge set with caulking, this along with moisture gain keep it tight. Plywood being much more dimensionally stable will not swell enough to remain water tight, so you'll have to glue it. Also a plywood version of a carvel, will weigh a little more and have about 1/3 less longitudinal stiffness, then a solid planked carvel.
Sallie Hyde has a lot of shape that isn't developed, but large portions of her are, so you could use full sheets in many places. In other areas, like the bow and the stern, you can rip the plywood into 8' long pieces, maybe 2' wide and fit the planks to the radius changes in these areas.
The logical method for this boat would be a double diagonal plywood build, with planking ripped length wise and laid down, at about 30 degrees to perpendicular, of course at opposing directions for each layer. It's easier to bend the thinner material and you'll cover the seams of the preceding layer, so no leaks. Naturally, this would be sheathed with cloth or Xynole to offer additional water proofing and abrasion resistance.